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10-21-2009, 11:38 PM
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How long does it take a foreclosure home to...
...close when paying cash? In the state of Mississippi? We made an offer on a home the day it came on the market for what the bank was offering, they accepted a few days later, which was September 25th 2009. My realtor has said it has a clear title and that it was supposed to close on October 8th, which it didn't. Why is it taking so long for us to get the keys? Our realtor found the house for us through another realty. He keeps checking into it and they cant figure out why it's been so long. Does it normally take this long?
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10-22-2009, 07:18 AM
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Practices will vary by state, but if the bank accepted the offer for a COE of 10/8, that should be attainable. Yes, it can take a while longer if there are issues to resolve on title. It took us almost 2 weeks just to get a preliminary report on an REO for our clients. My concern about the scenario described is if you put the balance of the funds in escrow (paid for the house) and it hasn't transfered yet. Have you checked with the county recorder's office/escrow company about status of title?
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