Posted on: 24th Feb, 2013 09:10 pm
hello,
i am trying to buy a property that went through foreclosure. a major bank bought the property at a sheriffs sale (they held a huge mortgage on the property). i received the contract from the bank’s lawyer yesterday and there are two nonstandard terms: i will receive an ‘insurable title’ and the property will be transferred via a ‘quit claim deed.’
my lawyer says that he has never been involved in a ‘quit claim’ sale and doesn’t know if i can obtain a mortgage. weeks ago i worked with a major bank and received pre-approval for a mortgage larger than i will need for this property. my concern is that the bank will not accept a property with these conditions, regardless of my credit worthiness.
thanks for your help
i am trying to buy a property that went through foreclosure. a major bank bought the property at a sheriffs sale (they held a huge mortgage on the property). i received the contract from the bank’s lawyer yesterday and there are two nonstandard terms: i will receive an ‘insurable title’ and the property will be transferred via a ‘quit claim deed.’
my lawyer says that he has never been involved in a ‘quit claim’ sale and doesn’t know if i can obtain a mortgage. weeks ago i worked with a major bank and received pre-approval for a mortgage larger than i will need for this property. my concern is that the bank will not accept a property with these conditions, regardless of my credit worthiness.
thanks for your help
Welcome kevin,
The lender may go for a title search in order to find out whether or not their are liens on the property and then let you know whether or not you will get a mortgage.
The lender may go for a title search in order to find out whether or not their are liens on the property and then let you know whether or not you will get a mortgage.
Hi kevin!
Welcome to forums!
A title search company or the county recorder's office will also be able to let you know whether or not there are any other liens on the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
A title search company or the county recorder's office will also be able to let you know whether or not there are any other liens on the property.
Feel free to ask if you've further queries.
Sussane
This is standard practice when purchasing a foreclosed house from a lender. The bank should have no trouble giving you a loan on your title.
