Bank wants 5 months to close?

[Jordan Good]

Hi all!

I am a new member and looking to buy my first property. I made an offer on a bank owned property and they countered and I accepted this offer on 5/24/15. The closing date on the agreement was 7/27/15. Two days later their agent told mine that the closing date would need to be  pushed back until 10/1/15! The property is currently vacant. I am in my 10 day inspection period currently. Any advice on how to handle this? It causes problems because I can't lock in my mortgage rate for more then 60 days, also I'm renting month to month right now. Thanks for any advice!

Jordan

[Wayne Brooks]

This means they likely have some title problem, probably related to their foreclosure process, which needs to be corrected (maybe a re-foreclosure wanting 5 mo.s), and they Think they can correct it in 5 mo.s.  Certainly a red flag with potential for further delays.  If you think it's a great deal and can wait, go ahead.  But expect further delays.