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Question about pending closing stopped due to MERS...?
So I was about to close on a house in Michigan but at the last second found out we couldn't due to MERS. This was a HUD home that I had won the original bid so it was mine to buy. My real estate agent is just as confused as me. the house is and has been empty even when the bidding period started. I guess I'm just looking to see whats going on with all of this. Its a great house so do I wait on it to get it later? How long will that take and will I still be able to close for what my bid was? Basically I'm just wondering if there are any updates or rights that I have to the property. I don't really have the extra money to hire a lawyer to find out I don't have any chance. Thanks in advance.
2 Answers
- 1 decade ago
The bank that owns the home (through foreclosure) is being required to re-do the foreclosure to clear the title and ensure they have the right to sell it to you. Because of some processing errors in the procedures the banks were using to foreclose on property, they may not have the clear title to the property at this point in time and can therefore not sell it. They won't be able to sell it to anyone else in the mean time. I'm not sure how long the foreclosure process takes in your state but it will take at least that long before they can sell the home to you.
Your options are to either wait patiently and ensure that the bank will still sell it to you when they have clear title to the property or find another home. If you decide to wait, I would see if you can get a commitment from the bank selling the home to sell it to you after the foreclosure process is complete.
- kemperkLv 71 decade ago
MERS - Wikipedia, the free encyclopedia
Mortgage Electronic Registration Systems, Inc.
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your state uses lawyers to close escrow. Stupid. Like NY.
I have never heard of MERS and doubt we use it in the US, south west.
YOU may sue the bank for "performance"-- but since you said you don't have one penny to spare...
i guess you just wait.
Sorry
Source(s): RE broker
