Im buying a foreclosure and the tittle co. is waiting on the check for the taxes to be PAID. This has been taking over 2 weeks that check was sent. Tittle co is just sitting there and my loan officer and realtor are on it.. but still nothing.. my loan is about to expire.
2007-02-15 05:10:55 · 10 answers · asked by Vane 2 in Business & Finance ➔ Renting & Real Estate
Are they waiting on the check to clear or for the lender to send them a check so the taxes can be paid at closing? Is there any reason why the title company can't close and just hold the amount of taxes due, plus penalty, until the receive proof of payment? They would have the money to pay to the tax collector; even if they double paid, the money would eventually be refunded to the prior owner (payer).
If the tax check has gone out and the title company is trying to confirm payment, there may not be much more for them to do. The Seller/lender can contact their bank and get a copy of the canceled check as proof or they can authorize the title company to hold funds until proof of payment has been received. Keep in mind that the title company's function is to guarantee clear title to you once they record the deed and mortgage, and issue a title policy guaranteeing your title. The property owner (whether an individual or bank) is responsible for making sure the taxes have been paid. The Seller's realtor should also be following up on this. In the meantime, see if your lender can extend your commitment.
2007-02-15 05:54:24 · answer #1 · answered by Le_Roche 6 · 0⤊ 0⤋
Was the check sent to the Tittle company or the Tax agency? If the tittle company, cancel the check and visit with cash in hand. If the Tax agency, have a payment receipt forwarded to the Title company. Contact the bank and get verification that the check has been processed, if it has have the verification forwarded to the Title company.
Call the Loan People and ask for an extension of time to clear up the matter. For future consideration, if there is ever a bill to pay where time is tight. USE WIRE TRANSFERS AND MONEY ORDERS. Or go to the place in person and make the payments, get a receipt and have the records clear with in 48 hours. THREE days is too long, these things are too important.
2007-02-15 05:22:49 · answer #2 · answered by whatevit 5 · 0⤊ 0⤋
This is a common problem. As long as your mortgage broker and Realtor are on the ball, they should be following up with the title company.
There is nothing the title company can do until they know the taxes have been paid. In a standard resale situation, the amount of taxes would be held by the title company from the seller's proceeds until the tax payment could be verified.
In my experience, mortgage companies and banks that deal with foreclosures pay these in advance so the closing can take place.
Even HUD and VA (in my experience) have this taken care of before closing.
At this point, all you can do is wait.
2007-02-15 06:05:17 · answer #3 · answered by txrealestateagent 3 · 0⤊ 0⤋
Don't blame the title company. They are going to give you an insurance that the title is clear, that there are no outstanding bills to be paid (by you after you close). The title company can handle this either of two ways (at least in Texas). 1 - Wait for a receipt showing the taxes are current. 2 - Collect the money owed from the seller (in this case, either the bank, the Veteran's Administration of The US Department of HUD - you didn't say what kind of foreclosure it is)
With a "regular" seller - a person - it's easy to do option 2. I have not seen it used with foreclosures though.
In selling HUD houses, I have had situations where my buyer had to wait until the title was cleared.
In a perfect world, all this would have been taken care of prior to listing, but we're in real estate sales... not a perfect world.
2007-02-15 05:31:54 · answer #4 · answered by teran_realtor 7 · 0⤊ 0⤋
Hon, they always wait until the last second before the bell to move things ahead. I think title companies do it deliberately!! Don't worry it will happen as long as the loan officer and realtor are on it.. that is their job to push the title company. Don't worry!!
2007-02-15 05:15:04 · answer #5 · answered by Tapestry6 7 · 0⤊ 0⤋
I would be contacting the title company myself and get the ball rolling. Tell them that if they don't get on it, you will cancel the check/stop payment and you will take your business elsewhere. Get nasty if you have to - it's your money.
Also getting your loan officer and realtor involved (most will/should help) may get you moving on this.
Good luck.
2007-02-15 05:15:21 · answer #6 · answered by polishedamethyst 6 · 0⤊ 0⤋
I have bought and sold several houses. From my experience: the squeaky wheel gets the grease. Get on the phone and start making calls to everyone involved. Be pleasant but persistent.
2007-02-15 06:36:54 · answer #7 · answered by TC 1 · 0⤊ 0⤋
It may be because the payment has to be recorded before they can issue a clear title. The payment may have been received but not recorded yet.
2007-02-15 05:36:30 · answer #8 · answered by yourstruly_76 1 · 0⤊ 0⤋
Who is paying the taxes?
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2016-12-17 10:41:25 · answer #10 · answered by Anonymous · 0⤊ 0⤋