Oct. 11, 2007 - The foreclosure you are buying may not close on time!

There are a lot of foreclosures out there right now and there are some good deals. If you are buying a foreclosure just keep in mind that you might need to be flexible; especially when it comes to getting it closed. I have had several buyers lately that have not closed on time. When you are buying a foreclosure you are dealing with a bank; this is a lot different than when you are buying directly from a seller. In this case you are dealing with bank bureaucracy. Depending on how many foreclosures are getting closed at the time will depend on how fast your paperwork makes it through the system. The paperwork has to be approved and if there are a lot of foreclosures your paperwork can get buried in the mound.

There can be other problems also; I recently had one that didn't close on time because of a typo that the attorney's office made on the title policy. The bank won't let you close until everything is correct; even if it is their problem. You just need to realize this going in to the process. You probably want to have some flexibility on your move in date. If you are moving in to the property yourself you might want to schedule the moving truck after you know it has closed.

So long story short even if you get your part done on time that doesn't necessariy mean that you will close on time.