Resale title issue ??

[MARCIAKAZ]

So, we are almost three months into our attempted resale purchase, and today the title agent tells me there's a title issue. No ETA for resolution because it will involve the court. WHAT? Has anyone ever had this problem? Should I go back to square one, or wait it out?

 

[Lakegirl]

I would go back to square one. Has the broker told you what the issue is? I would request your deposit back. What stage are you in ESTOPPEL?

 

[disneynutz]

Seller misrepresented the deal, start over and use the opportunity to modify your purchase if needed.

Bill

 

[MARCIAKAZ]

Estoppel is complete. We thought we were days away from closing. Turns out that seller bankruptcy is the problem, and they have to petition the court to allow the sale, which takes 30 days or so, I'm told. Grrr.

 

[JimMIA]

Estoppel is complete. We thought we were days away from closing. Turns out that seller bankruptcy is the problem, and they have to petition the court to allow the sale, which takes 30 days or so, I'm told. Grrr.

You have to consider who told you that...and whether or not you believe them.

I'd get my money back and start over with another broker.

 

[supersnoop]

If they owe any money; mortgage, loan, or maintenance fees, then this is going to be a long process. If they own the contract free an clear, it should be quick.

Basically, if there are any creditors, then the whole thing has to go through bankruptcy proceedings where they decide how much of the loan is going to be paid back. They can't sell the contract and pay off that loan, or they're illegally preferring one creditor over another. So, you need a lot more details before you really know how long it will be. And I'd probably just start over unless you got a killer deal.

 

[pangyal]

Is the title company saying that you can cancel and get your deposit back? If so, I would totally do just that. Everyone is right, this is going to be a very drawn out process at best.

 

[MARCIAKAZ]

Thanks for your input. I'm just bummed, because it's already been a long process. Starting over puts us at least another 90 days out, versus an uncertain amount of time to close this deal. So frustrated.

 

[Dean]

Thanks for your input. I'm just bummed, because it's already been a long process. Starting over puts us at least another 90 days out, versus an uncertain amount of time to close this deal. So frustrated.

I'd asses my options. You might be past the cancelation date so unless you've missed closing dates or other parameters, you may not be able to get out. If you can, you might talk to the broker about looking for something else and canceling if you find something you like better and have an agreement.