We have turned in all of the papers the bank requested and and they have contacted our employers We's had and inspection and appraisal done. What is left to do until we close on the House? The man we are buying the house from jsut bought it 8 months ago and fixed it up and sold it so they shouldn't have to do a title shearch should they since it was not that long ago?
2007-01-29 23:54:05 · 10 answers · asked by ayoung21921 1 in Business & Finance ➔ Renting & Real Estate
Your closing date would be writen in your contract.
yes, they will still perform a title search.
Generally most closings take 30-45 days from start to finish. You can do them in less with all cash.
Best of luck
2007-01-29 23:58:23 · answer #1 · answered by Anonymous · 1⤊ 0⤋
On any purchase where the buyer (you) gets a loan, there MUST be a title policy (the title company has to perform a title search before they can issue a policy).
Was the lender informed that this is a "flip"? Some won't do those at all. FHA has strict regulations on it (are you getting an FHA loan?) Many lenders will require a 12 month "chain of title" - that means they want to know who owned the house for the past 12 months - on the surface it may seem silly, but they do need to make sure that they're lending on something that you can have clear title to, and they can have the first lien position on.
Title search is MORE important since this is a "flip" - as the prior poster noted, you need to know if all the subcontractors got paid. You don't want to own a house and find out in 10 years when you go to sell that now YOU owe for the roof the investor had put on.
I do hope you had a Realtor draw up the contract for you. If not, then I would advise getting a real estate attorney to represent you, looking over everything BEFORE you go to closing.
2007-01-30 03:19:20 · answer #2 · answered by teran_realtor 7 · 0⤊ 0⤋
A tite search should always be done....this can protect you if an heir or relative of a previous owner comes and tries to claim ownership. also since it was just renovated, you really need this since you have no idea of the current owners finances, therefor no way of knowing how he financed the renovation. You really dont want to purchase a house only to find out there are leins against it. The title search may very well be the hold up on this closing. I would contact your realtor and the title company immediately, demand a explanation and closing date. If your finances are secure there is no reason not to have a tentaive closing date within days of the contract being signed, in fact nowadays most contracts have a closing date on the contract before it is signed. This is actually so common place that if closing is not complete within 7 days of that date (by fault of seller or buyer) the other party has the legal right to release themselves from the contract. I would see to this ASAP something sounds fishy.
2007-01-30 00:13:04 · answer #3 · answered by chasin_jasen 2 · 0⤊ 0⤋
Your contract closing date is in the purchase agreement. That will not, 99 times out of 100, be the date you close. That's determined by the underwriters at the bank. They have to pore over all the information you give them. A title search is required in all real estate transactions, but that only takes a day. Make sure that when the bank asks for conditions, you get them taken care of right away. That holds up loans more than anything else, and usually the borrower blames the broker/bank when the only person they have to blame is themselves on that one. Once the underwriter signs off on everything, then you can schedule a close.
2007-01-30 00:35:23 · answer #4 · answered by togashiyokuni2001 6 · 1⤊ 0⤋
Title searches have to be done on any loan everytime a loan is made regardless of time, etc. If your loan officer is being vague, time to consult his boss. If he too is playing games, it is not too late to find other financing. I am a Mortgage Broker of 8 years. I have gotten financingfor clients and closed them in two weeks. Don't be afraid to ask questions from your finance company. Demand answers. It's ultimately your money, your decision, your home.
2007-02-02 23:27:58 · answer #5 · answered by gbeavers2003 1 · 0⤊ 0⤋
the closing date should be on the purchase contract
it is not an enforcable contract without a closing date.
if your bank is acting on the paperwork as you state there must be a date on the contract for closing...
get a lawyer..
you will need one anyhow...............
this contract is void without..a closing date........
you need a lawyer to enforce this contract..
the owner could be accepting other offers higher than yours...........
and your contract becomes void without it being properly filled out..
good luck
2007-01-30 00:29:59 · answer #6 · answered by m2 5 · 1⤊ 0⤋
You determine the closing date yourself when writing the offer. Call your realtor TODAY and get your date in court....errr....the bank managers office!
2007-01-30 00:16:11 · answer #7 · answered by Anonymous · 1⤊ 0⤋
It could be lots of things. Underwriting? Backed up closings? who knows? hang tight and it'll happen.
2007-01-29 23:59:23 · answer #8 · answered by SGT. D 6 · 1⤊ 1⤋
YOUR CLOSING DATE SHOULD HAve already been written in your contract!!!
2007-01-30 00:09:30 · answer #9 · answered by swimmyfishy 4 · 1⤊ 0⤋
Oh, I'd bet you're going through Citizens' Bank.
They are the hardest ************ and I'd NEVER go through them again.
2007-01-30 00:02:29 · answer #10 · answered by Jed 7 · 0⤊ 0⤋