Waiting for a signature…

Tips and Deals Forums Buying Your Home Buying a Home in Los Angeles Waiting for a signature…

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      After 7 months of insanity there are finally no more obstacles for us to close on our home purchase. *Only problem is we can’t seem to get a signature to complete the purchase. *This is an REO and the bank’s agent says the asset manager can’t sign the purchase agreement because the bank has a ‘hold’ status on the property. *We aren’t being given a reason or a timeline for when this might be released. *We originally had no problem getting a signature, but the sale was held up for other reasons and extended a number of times. *The asset manager won’t sign an extension or a new contract until the bank gives the go-ahead. *The only reason for a hold that we can come up with is that for a couple months, the property was held up by a frivolous lawsuit, but that’s been dismissed and the title is clear.

      *

      Does anyone know how long they can play this game? *Can they just back out of the sale even though we have an agreement? *Can they just wait forever until I give up? *Thanks in advance.

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