All Forum Posts by: Dottie Sadler

Our attorney said we're entitled the difference between the value and our accepted price which is about 70,000. Does this sound right and has anyone ever heard of anyone that has won a case like this?

Actually we got a good real estate attorney to take a look at it and investigate this. There are no addendums getting them out of the contract. So far we think that the bank selling the house only managed the loan that was "given up", but did not own it so they had no right to sell the property. The courthouse is not being slow they have never even received anything about the house being foreclosed on as far as they're concerned it still belongs to the other owners. We're having the house reappraised because there was a lot of equity to be had with it and looking at our options from there. We do realize that we should not have done the work. We have a friend who does this for a living and he told us that he has every property ready to resell or rent by the time he closes so we mistakingly took his word for it and began minor repairs. We also had permission from the mortgage broker who is a friend of a friend (the same one who does the repairs). We know all of this will take time, but we've already wasted 4 months on this house.

The problem there is that we knew the property manager and have already done a lot of work on this house with permission. We are the only ones with keys to the locks on the doors.

I would like to update this because it is now a legal matter more than before. The bank came back today and said that they could not find the paperwork for the house and that they were pulling the sale and taking the house off of the market. The mortgage broker sent over a mutual release from purchase agreement that we have not yet signed and were told that we were required to sign to get our earnest money back. We are now going to seek legal council to see if there is anything that we can do. Are we wasting out time?

Well now we really need some advice, today the bank pulled the property. They are claiming that they cannot locate the paperwork so they cannot sell the house and they are pulling it from the sale and taking it off of the market. This makes no sense to us. Why can't they get the deed redone? We are now contacting a real estate attorney to see what options we have. They sent us a paper to sign today to get our earnest money back that stated they were not liable and all we had to do was sign it and they would return our check. We haven't signed anything yet. We're desperate, any feed back would be greatly appreciated! Thanks.

Well, we are now at about 8 weeks with no word. This has to be the most frustrating thing I've ever dealt with. I've placed 2 posts this being the first and I don't think that I mentioned on here that the house is a deed in dieu so we're assuming that they are now reforeclosing on the house because it was not done properly. We are also assuming that the paper work got put at the bottom of a stack of foreclosures that are not sold yet!! I would still appreciate any advice or anyone that has been in this situation to know how long it will take!! Thanks.

So I have an issue that I would appreciate some help with. I have already posted in REO, but have not received any responses lately. We are in Indiana trying to purchase what we thought was a foreclosure REO. We got an accepted offer with contract around June 14th. We actually thought around the end of July we were going to close, the lender (ours) received the title and paperwork. We had been told for 2 weeks prior that there were some issues with it that had been fixed. The lender then said that the title was fixed, but that it needed to be mended at the local courthouse so the paperwork was sent back to the selling bank for suposedly "one" signature that we still have not received (it has now been 5 weeks since it went to be signed). We have done some investigating with not much information into what is going on. We now know that the house was actually a deed in lieu and not a foreclosure. The only recent info that we have received was from the title company employer and she said the bank was still waiting to hear from Fannie Mae? I know that this is long and I appreciate anyone that takes the time to read and respond. We would just really like to know about how long this will take, we would not be upset if it will be a while just want to know how long. It has been almost 90 days since the accepted offer and 7 weeks that we know they have been working on the "title issue" We plan to live in the purchased home and rent the house that we are currently living in. Thank you. :lol:

So, now we're at 4 weeks, still with not much information about when this will end. We have been in contact with as many people as we can to figure out what was going on (some of which we realize we are not suposed to contact) one of which being the title company and the lady there today mentioned that the bank was still waiting on a reply from Fannie Mae. Does anyone have any idea why this would be? We realize that they ensure loans, but we're not sure why they would need to respond this late in the game. Thank you for the responses they were very helpful.

We're in Indiana, the property was marketed by a real estate brokerage. The asset manager is telling us that he has multiple properties that are waiting with the same problem from the same bank.

We are trying to purchase an REO home we have an accepted offer and approved loan. We are now waiting to close because the bank did not transfer the title into their name during foreclosure, that has been fixed, but they then did not record it at the local courthouse. We have now been waiting for 3 weeks for the bank to sign the paperwork and send it to the courthouse to be recorded so that we can close. It has now been about 60 days since the accepted offer, our 2nd "close by date" expired today. We have heard nothing. Is this problem typical and does anyone know how long this could take? :mrgreen: