Bank owned property closing delays!

Sometimes when you buy a bank owned home you might actually close on the home and not get the keys or be able to move in.

Karen Kelley from Brokers Title and Closing company explains on the Verani Blog why there are so many delays when buying a bank owned home.

Foreclosing banks are located all over the country, and they hire asset management companies to assist them with their huge inventory of foreclosures. The asset management companies, who are also not generally local, hire more local firms to coordinate the closings. Because of this multi-layer process and the time zone constraints, delays in closing are typical of these transactions. The local firms require at least a 48-72 hour HUD review prior to closing, and will not allow deed recording nor possession of the property until the HUD is approved by their client, the foreclosing bank.What does this mean for you, the buyer? Read more…

If you are financing your purchase, your lender must give a “clear to close” and send us a closing package so that we may prepare the HUD settlement statement and send it to the closing firm within their required timeframe. Even if the HUD statement is sent to these folks within the timeframe required, they will not guarantee their client, the foreclosure bank, will approve the HUD the day of the closing. This often results in you, the buyer, signing your documents in “escrow” pending final approval of the HUD. An escrow closing means that the deed cannot be recorded nor possession granted until the approval is received.

Broker’s Title & Closing, LLC is committed to providing exceptional customer service and has extensive experience and expertise in closing these foreclosure properties. We want to prepare you with knowledge of how these properties work and make sure the expectations are clear on the process of purchasing a foreclosed property. We will work diligently with the local firms providing constant communication throughout the process to ensure the smoothest, most successful closing process possible.

Call Jay or Monika…. Now

If you’re in the market for a bank owned home and want to take advantage of the Tax Credit which expires on April 30 2010…call us NOW or it will be too late!

Call Monika at 603-548-7728 or Jay at 603-548-7685

Confused about the Tax Credit…watch this short very humorous video form WAHomeownes.com

New Hampshire Real Estate Blog

Jay and Monika McGillicuddy, NH REALTORS

Prudential Verani Realty

2 Main Street Hampstead NH

603-327-0246 direct line

603-434-2377 office

Monika cell 603-548-7728

Jay cell 603-548-7685