Foreclosure, Cash Purchase, Fast Close?
I just had a cash offer accepted on a foreclosed property offered through a realtor. The agent said we could close in 30 days with no problem. But I really need to close in 15 days. The agent said it was up to my attorney performing the title search. My attorney said with foreclosures it usually takes the full 30 days. Any ideas how I could get it done in 15 days? I will use another attorney if i have to, but papers already in process with my attorney's info.
From Eastern NC
Thanks for all replies!!
~Czjaba~
Hard money loans can close in a few days. If your plan is to sell it rather than hold it, this might be a good option. They will charge a pre-pay, usually around 3%, but other costs are lower, so it can cost less than a conventional loan. However, they charge much higher interest, usually, so if you plan to hold, this might not be the best option. But it is something to look into. Search on HARD MONEY LENDER.
I appreciate your response, however, i didn't make myself clear the first time. The cash is not a problem, i have it in my account for the property. (Actually, they had to see proof before they accepted the offer). The problem is getting the title search done thoroughly. My attorney is excellent, i have used her services before, and she found problems (because it was foreclosed, tax leins, I think), but got them straightened out in time for closing. Is it possible to get a complete title search done and obtain a clear title for insurance before 15 days? I know of places that advertise it can be done in 2 days, but how accurate will they be and who is responsible for "straightening" it out if there should be a prior problem if I decide to sell? By the way, I will be living there. thanks again.
~Czjaba~
Czjaba, So sorry for the confusion on my part interpreting your question. Unfortunately, other than the obvious...call around to others to find one who will commit to do the work before your deadline, I don't have any great ideas. Maybe some others here will join in with suggestions. Good luck and congrats on your new home!
Title searches do not take 30 days or even 15 days, we have title companies here in Va that can close a loan in 5 days, they are pulling your leg. Forget your atty,. use a title company, all cash, the closing is very simple. Don't sit on this, get on the phone Monday morning and find a more motivated title company.
Good luck
Don
Thanks, Don, for the reply. I have done 1 other cash closing through this same attorney and we had only 1 paper to sign, so I know at the closing table it is very simple. If I choose a title company, do I still have to have an attorney? Or can the title company do the same as the attorney?
The only thing an atty does is arrange the paper work, they do not provide any title insurance or any else of value. My own attty told me that I did not need to use him just for closings, only for legal matters like evictions or if something bad pops up at closing, liens (irs), otherwise title companies offer better service and are cheaper.
good luck
Don
you nee to find new people to work with it sounds like.. titlae search, comitment, policy in 3 days max from local title co....
get new people to work with!
If they cant work with you and meet your needs you will go elsewhere
30 days for a title search? whew...I'd definitely go elsewhere. Thats seems way out of line, foreclosure or not.
Why would an attorney do a title search in the first place? Thirty days is way too long. Title opinions can take a while on "unique" properties and depend on how long its takes to get the abstract, but even a full title opinion should be able to be done in under a week from receipt of abstract. It could be your attorney is politely hinting that they don't want to do title searches.