Buying Bank Owned Properties Tips And Warnings
There are a lot of bank owned properties on the market right now. This is a quick lesson on points to remember, warnings, and how to protect yourself from a financial loss or problems.
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I have an accpeted offer on a property for cash but the bank has not closed due to, they say, a Clouded title, which the listing agent keeps telling me they are working on. They set a close date of Aug 14 08….its now Nov 14 08…I can’t get any information about what is happening with this deal…advise…
Clouded Title means they don’t have clear title and the title company won’t insure it. It is the title companies job to clean up title. Try contacting your title representative to see what they know. Their number should be on the Prelim you were sent at the beginning of escrow. And, why didn’t you use a buyers agent?