All Forum Posts by: Ryder Lee

Hi all

I recently purchased a REO in Philadelphia. The property are foreclosured for two default mortgages( a senior and a junior). The property was first sold back to the bank through sheriff sale and then I bought the property from the bank (online auction). According to my understanding, there should be documents either from the bank or from the sheriff office recorded in the recording department to indicate that the mortgages were released after the foreclosure. I went to the recording department to check but can not find any such documents. I am wondering if I am wrong or any suggestions?

Thanks a lot!

Ryder

I purchased a property through Homesearch auction and the time for settlement is coming. The property is an occupied REO and the closing company is Servicelink. They said I have to wire all funds (400K) to them and sign the document online. This is my first time to do online auction and really worry a lot about the safety of closing through e-mail. Then I ask them if I can do it on one of their local offices and they said they don't have any office near my area (philadelphia). But they said they can send a traveling attorney to my area to meet me to sign the documents.

I am really not comfortable about this. Does anybody here have such experience? I appreciate your suggestion.

Lee 

It turn out that the sheriff has lost the foreclosure deed and they have to recreate a new one. 

I am wondering why they they have not lost their heads?

The sheriff sale is a mortgage foreclosure. 

Thank Wayne for the explanation. If my case is as you said,how the lender will fix it? I mean if they can not deliver the property to me, they should let me know that and give me back the deposit money. But now they just let me to extend the contract again and again. 

Hello, I won an online auction on a REO property in Philadelphia last year. I signed a contract with the seller last October (2015) and was told the property will be closed on 11/2015. Then I was told t that the property could not be closed because the foreclosure deed had not been recorded. So far I have extended the contract for two times and the deed still has not been recorded. The Sheriff sale was conducted on 8/2015, so more than 5 month has past. Does anybody know how long they can figure out the problem to get it recorded and what can I do to push the seller?

Thanks