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Updated about 6 years ago on . Most recent reply
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Need Insite -Short sale seller expects buyer to pay title search
I am attempting to purchase a short sale property. After weeks of stalling by the seller/bank (Wells Fargo) the seller informed my realtor their paperwork for the short sale is not in order and the seller wants me to pay for the title search for the bank to get paperwork in order to proceed with short sale from seller to bank then bank to me. Problem - our contract has expired, I’m ecpected to pay for a title search on property I don’t own?? In addition, a termite inspection and home inspection is a condition of the sale. So, if I pay for title search then an inspection fails I’m out the cost of title search, infarction cost and (I think) earnest money(?). Has anyone out there been in a situation like this.? Pay for the sellers title search for the bank to get paperwork in order so then the bank can contract and sell property to me?????
An assumption of the bank’s realtor is the original seller does not have the funds to pay for the title search.
I’m uncomfortable paying for a title search on property that i do not own...!
Please help. Any advice is greatly appreciated
David