I bought an Olathe foreclosure with cash but I'm having problems closing, need help!

Short Sales are a Good Thing For Olathe and Overland Park Subdivisions with Home Associations


Question: I made an offer on an Olathe foreclosure property 45 days ago. According to the real estate agent, the bank accepted the offer. Here is the problem. I was supposed to close on the foreclosure home within 7 days. Here it is 45 days later and we still haven't closed. I need help.


Answer: Without getting into specifics, because I'm not aware of them, I'll give you 2 reasons why your real estate deal hasn't closed.


First, if you have not received the contract back signed by the bank, the contract probably hasn't been signed by the legal owner or their representative yet. Although foreclosure real estate deals are easier to close, there still is a review process. This can take 3-4 weeks and maybe longer during the holiday season.


Second, the title company may have not received clear title on the property or an issue has just appeared on the title. Call the title company and see if they have clear title or if any liens have just appeared on the title. If there is no clear title or if liens have just appeared, it may take a few weeks to remove them. In addition the bank will want to review the title prior to closing which can take nearly a week. While you are talking to the title company, ask them why there is a delay.


Hope this helps. If I can be of further assistance, please feel free to contact the Dowell Taggart Team of RE/MAX Premier Realty.






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Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty 

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