Short Sale Title Concerns On First Deal
Hi. I am a newbie and am about to sign a deal on a short sale. The sellers realtor sent me a copy of the Title Commitment and this is where my concerns started. The title lists three names as owners of the property, however the Purchase Agreement only has two names. City records also only show two names. Should I back out of the contract? request a quitclaim from the third person? Any advice would be greatly appreciated as the deadline is rapidly approaching to sign. thanks
Thanks...but how do you explain how this might have happened? Why would the # of owners in the title be different then what the city records indicate?
Thanks for the extended reply.
I picked up a copy of the deed at the city, and sure enough there was a third name on the deed. I informed the realtor regarding this and he said he would add the name in to the contract before I sign. I dont think the realtor is being sneaky since it was as mentioned above, too many names to fit on all forms and the city website. My concern is that this realtor is fairly disorganized, which is not what you want went doing a short sale.
I will use your advice and call the title co and ask the rep if the title is clear (with the exception of the 1st mort)
He claims now that the Bank has gone ahead and approved a short sale and I was wondering how that generally happens. Is the bank responsible for extending the auction deadline, or is it the realtors responsibility? When they approve a short sale, do they submit in writing that they agree? Is it still possible for the property to go to auction on the original date?
Thanks for all the help! Its much needed!