real estate

5 ways to save a failed home sale

REO title delay
Slide 6 of 6
Previous
REO title delay

Buyers who want to purchase a bank-owned property, also known as real estate owned, or REO in real estate lingo, sometimes run into glitches in the chain of title or ownership, says Moody. This gap occurs when a home is put on the market and readied to be sold before all the last details of the foreclosure have been finalized.

"There is a gap in the title chain," Moody says. "It causes delays, and a lot of buyers get frustrated and drop out."

The solution, again, is patience -- and a lot of it. Moody recalls one sale that stretched out for four months before the problem was resolved, and the transaction closed.

"It was a cash deal," he says, "and I was surprised they hung in there, but they did."


Slide 6 of 6
Previous

 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
MORTGAGE & REAL ESTATE NEWSLETTER

Timely market news and advice for consumers ready to buy, sell or invest in real estate. Delivered weekly.

Blog

Crissinda Ponder

New home sales move upward

Sales of new single-family homes are up more than 5% from June 2015 and more than 25% from July 2014, according to new data from the federal government.  ... Read more

advertisement
Partner Center
advertisement

Connect with us