OT-Need some help with buying a house in GA

[NemoMOm]

You guys are always so helpful and full of advice, I had to ask. We are moving out of our state, DH is transferring down to GA. We have been under contract for 2 months with a bank owned property. We have paid for the inspection and the appraisal. A week from the closing date we were told that we could no close because the sellers have not "found the deed and sent to Fannie Mae". We extended the closing date until the end of the month which is next week. We have been told and even called ourselves to be told that we could be waiting months or to go look for another house. We are really stressed out because we are moving in 5 weeks. We were also told that we could get the earnest money back, but nothing else. The seller's closing processors are not helpful and could really care less. Does anyone know if we have any recourse? Our attorney says that there is nothing we can do, and we can get our insp/appraisal fees back.

Anything would be helpful.TIA!!!!!!!!!!!

 

[cbg1027]

If the lawyer said there is nothing to do....then there's nothing to do.

I worked for a realtor who dealt with Fannie Mae homes and she had several transactions just like yours - missing deeds and unclear titles would eventually cause sales to fall through. I never understood how Fannie Mae could have possession of the house and put it up for sale when they don't have the deed in their hands! Makes no sense, and causes a lot or work and trouble for a TON of people (buyers, their realtor, selling agent, people at Fannie Mae, people at the title company....)

I'm sorry this happened to you, but it will be best to move on and put your energy in to finding a house you can actually buy! I would avoid bank-owned homes!

 

[galen.craft]

In these cases you have to go with the attorney. You should hire a very good attorney to pass off a lot of things. Have a talk with him regarding what you exactly want I bet he might have solutions for the same.