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Updated almost 9 years ago,

User Stats

21
Posts
1
Votes
Gautam P.
  • Real Estate Investor
  • Franklin, NJ
1
Votes |
21
Posts

auction.com deed recording, needed for title insurance guarantee

Gautam P.
  • Real Estate Investor
  • Franklin, NJ
Posted

Sorry I originally posted in existing thread, but seems like I am supposed to open new one to not side-track original discussion.

So here is my newbie experience, won an auction, got attorney to review the contract. He flipped saying that I am waving all my rights. I said it is alright and I know what I am getting into as far as title is clean. The condition with this auction is that closing company will offer title insurance at closing time but they cannot guarantee it. So I asked my attorney to run title search and request title insurance. My title company put in condition that the deed has to be recorded on Wells Fargo name and not prior home owners name to guarantee title insurance. Called auction.com, they said they verifed Wells Fargo holds the deed before putting up an auction but the bank will not record it in the county. Because bank wants to do both recording when I close.

Can someone pl guide me how to get out of this log jam.
While all this was going on, auction.com cancelled my contract and relisted it. 

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