Buying A Foreclosure in Sumter, SC Part 8 - What A Mess and I'm Not Talking About The House

Posted By Kim PeasleyParker @ Jan 10th 2014 2:00pm In: Sumter SC Foreclosures

Oringally Posted on ActiveRain,com by Kim Peasley-Parker

Buying a Foreclosed Home in Sumter, SC Part 8

What a Mess and I’m not talking about the house!

 

At the beginning of November, I scheduled out my blog post topics for the month.  Little did I know what a difference this post topic would turn out to be. 

 

By this time on November 18th, we should have closed on the property taken possession and been working on the repairs.  Little did I know that we would be still waiting to close and wondering when it is going to take place!  The original closing date was November 13th.  As that approached and the contract would no longer be valid, we did an extension agreement with the seller to close on or before November 22nd.  Waiting on the word back from the closing attorney if we will be able to make that date. 

 

Sure you wonder what is up with the closing.  It is all about the deed.  Seems as though the deed was at the Master in Equity’s office and hadn’t been sent to the closing attorney.  The Master in Equity had to sign the deed, have the County Clerk’s office clock it and then send it to the closing attorney’s office.  After that, the title abstract has to be completed.  The title abstract is the process where an attorney reviews the title search and gives an approval or not on a clear title to the property.  The title search is a process where the chain of ownership of a property is researched by a title company.  Once all this is complete, the closing attorney will complete the closing package and we can close or sign all the documents for the property and take possession. 

 

Even though not normal as the buyer’s agent/buyer, I contacted the Master In Equity’s office for a status update of the deed and found out when it would be sent to the closing attorney’s office.  I have been following up with the closing attorney’s office to verify they have received the deed and where it is at in the process.  When I found out they hadn’t received it in a timely manner, I followed up with the Master in Equity’s office again, it had been sent.  So now it is November 18th.  Waiting for the closing attorney’s paralegal to contact me if they have received the deed.  From there we may be able to schedule a closing before the expiration of our extension on November 22nd. 

 

Few real estate closings are without a hiccup or something happening along the way.  It is to be expected when purchasing a foreclosure or short sale property.  The part that had me most unnerved is when the closing attorney’s office told me 4 to 6 weeks.  That was entirely too long.  So now, we sit and wait and try to find out if we indeed will be able to close by November 22nd and then we decide what to do if we can’t. 

 

Buying a Foreclosed Home in Sumter, SC is an ongoing series of posts, where I am purchasing a foreclosed property to turn into a rental income property.  Follow the posts below to experience the entire process with me. 

 


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