Closing Process on a Foreclosure Home
Reader Question: When purchasing a foreclosure home, how long should it take to get keys to the property after closing.
The closing process for a foreclosure property is very similar (sometimes identical) to the closing on a regular home. Once you have closed on the home, it's yours. So you should either get the keys at the time you close or shortly thereafter.
The steps leading up the closing, however, can sometimes be a long and frustrating process. I often get questions from frustrated investors / buyers who have been waiting an unusually long time to close on a foreclosure property.
There are several reasons for such delays. For one thing, state laws may require a certain sequence of events to take place, and that sequence could be time-consuming. On top of that, lenders are taking longer to do everything these days (and requiring more paperwork) as a result of the financial crisis we are in right now.
But once you reach the actual closing process, you should get the keys right there on the spot or shortly afterward. Unless, of course, something goes wrong during the process.
The closing process for a foreclosure property is very similar (sometimes identical) to the closing on a regular home. Once you have closed on the home, it's yours. So you should either get the keys at the time you close or shortly thereafter.
The steps leading up the closing, however, can sometimes be a long and frustrating process. I often get questions from frustrated investors / buyers who have been waiting an unusually long time to close on a foreclosure property.
There are several reasons for such delays. For one thing, state laws may require a certain sequence of events to take place, and that sequence could be time-consuming. On top of that, lenders are taking longer to do everything these days (and requiring more paperwork) as a result of the financial crisis we are in right now.
But once you reach the actual closing process, you should get the keys right there on the spot or shortly afterward. Unless, of course, something goes wrong during the process.
Labels: Foreclosure Homes
posted by Brandon at
1:46 PM
