FORECLOSED PROPERTIES

Because I’ve recently had an experience with a

foreclosed property that didn’t close on time, I want to share with you how you keep on top of things during one of these types of transactions.  First, be sure that you have an agent who is willing to stay on top of the transaction.  This means that he/she is calling title and/or the selling agent at least weekly to find out how the process is moving along.

My deal was all cash and should have been a no brainer.  However, there was an HOA involved and arrearage due.  The HOA hired an attorney.  Once they do that, it puts another element into the mix.  When the HOA submits their invoice to title for transfer fees, etc., title then has to submit this statement to the bank holding the note on the property.  If there’s an attorney involved, the cost will be higher.  Just be sure that the attorney has a “breakdown” of their costs.  The attorney for the HOA on my transaction did not and it held up the closing for an extra week putting my clients in a bind as they had already moved here from California.

I became the “squeeky wheel” and it did close, but my buyers could have walked…..you must be diligent in dealing with these transactions and also have an agent who will put in the time to make sure that you get the home you want!