How To Avoid Closing Delays Buying Foreclosure Florida
Avoid Closing Delays Buying Foreclosure Florida is not as easy as you may think. Sadly, closing delays has become the norm, but can be avoided with a good preparation.
Just imagine that you want to buy a home in Florida and want to close within six weeks to start your new life. You have packed everything up, the moving company is ordered and you move to Florida to start a new job. At this point your closing date is very important to you. There is no time to have any kind of closing delays. And now you think how to avoid closing delays buying Foreclosure Florida!
You have found your great foreclosure in Florida, picked them out of the many distressed properties available. The Foreclosure you picked is the perfect match for your needs and wants and can close sooner than a short sale. You put an offer on it and received approval from the seller and your dream home is now under contract and to close within 60 days. You have applied for the loan if needed; the lender locks you into an incredible lowest rate, and you have made all arrangement’s to finalize your move to Florida.
It is not uncommon that everything runs smooth until one day before closing day. Now one day or on the day of scheduled closing the horror starts. Everybody is informed that there is a problem and that they can not avoid closing delays buying Foreclosure Florida. Meaning the property cannot be closed as contracted. You don’t know how you could Avoid Closing Delays Buying Foreclosure Florida and now it needs to be solved.
Now what, what are the consequences if you didn’t avoid closing delays buying Foreclosure Florida
– You cannot move into your new home as scheduled
– The moving van is arriving with all your possession at the new home
– You have nowhere to go at this time
– The incredible, low-interest rate cannot be extended
– The WDO Inspection is only valid for 30 days and is running out
– You have spent additional money, you have not planned for
– You have to start your new job and have no home
These are just a few problems which would likely to encounter when the Foreclosure nightmare hits you. What just happened and how Avoid Closing Delays Buying Foreclosure Florida? It is not uncommon that Florida Foreclosure properties have closing issues.
First many issues arise from the foreclosure factories well known as the robo-signing scandal. This is the most seen in the past which put the brakes on for closing delays when buying a foreclosure in Florida. The robo signing scandal brings problems to title companies and law firms since the chain of ownership title on mortgages are not clear, because many times mortgages have been assigned mortgages over and over again.
When a title is not clear for a title company or attorney they will not follow through with a closing until there is a clear picture of Title. To clear a clouded Title, it can be nerve racking since many foreclosure factories have been run by attorneys who no longer care or exist to resolve the title issue.
How To Avoid Closing Delays When Buying A Foreclosure in Florida?
I would strongly recommend not to do it on your own. You should work with a real estate professional in this field. The best is to involve your own buyer agent who will represent your interest in the field of foreclosure properties. You should pick a real estate professional who has experience with foreclosure in Florida and will spot a problem even before you put a contract on it and can help you avoid and solve problems with a title defect and possible other issues not covered in this blog.
Not only can your real estate professional help you, but as well guide you through a smooth and on time closing. If you have time pressure on buying a foreclosure in Florida you should consider your timetable and the capabilities of the current home owner.
If you are in the market of buying Florida Foreclosure properties and you want an experienced Foreclosure real estate professional just drop me a note and we will schedule a private consultation to ensure that we can give you the best advice and representation when buying a Florida Foreclosure, Short Sale or even any regular home.
Any question on Avoid Closing Delays Buying Foreclosure Florida we can help!