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Updated almost 3 years ago,
QUIET TITLE SUIT QUESTION - AM I PROTECTED AS THE BUYER?
Hi everyone,
I am a new investor and looking for some advice on a home I have under contract. This home satisfies the 1%. It's an area that will be appreciating, etc. etc. etc.
However, there is a kicker.... Offer was accepted, financing approved, inspections done, seller agreed to have the HVAC system that is only 2 years old fixed and repaired (it wasn't kicking on for some reason). Then, there was a breaker box issue that was causing the breaker box to keep tripping.
The seller agreed to fix all of that before closing or I back out of deal. No biggie, right? All repairs fixed by seller? Great!
Well, randomly, my agency calls me and tells the title company is doing a Quiet Title Suit (I may have used the wrong verbiage) and could take up to 60 days to get the title cleared. Should this be a concern of mine? Is this somewhat normal?
Is this to my advantage to have them kick closing down the road so I can renegotiate last minute for all the delays? Help me out here! New to all this and in all my reading I haven't heard of this situation.
EDIT: Apparently this house and 40+ others were purchased at Auction. Idk if that helps make sense of the situation or not.