I don't know how things work in your neck of the woods but in South Carolina we have a problem with REO companies listing mobile homes on land before getting a clear title. I've just had another deal go up in smoke because of delay after delay in getting a clear title. Last year we waited 11 months before finally closing on one. There ought to be a law that prohibits anyone, including a REO company from listing a property for sale before they have the title in hand and are in fact able to sell it! Just wondering if you've run into the same problem. If enough of us contact the State Commission about it, maybe something could be done.
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Alliance Realtors - Bedminster, NJ
Central New Jersey Real Estate
Ron, have not run in to that - do not have mobile homes in my area, however what you say makes perfect sense.
Jul 27, 2008 12:47 AM
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland
Our contract provides for a closing date and if the seller can't produce a clear title at that time, the contract gives the 15 days to do so. If they can't close in 15 days with clear title, the buyer can Notice the seller that the contract is void and their earnest money is returned.
If the seller has something in their addendum that overrides that paragraph, we counter it. If the seller won't agree to a date certain for closing, we don't buy.
That makes perfect sense.
Jul 27, 2008 12:53 AM
The HBH Group (Keller Williams affiliate) - Round Rock, TX
Recently our biggest challenge to closing deals here in Texas has been underwriting in the mortgage process. Everything goes smooth as silk until 2-3 days before closing when the underwriters raise a condition on the loan like they need a certified affadavit of US citizenship from the buyer's Great great great grandfather - OK so the demands are not usually that ridiculous, but close! It seems like the lenders just do NOT want to lend right now. I had a deal recently on a $348K home where the owner was W-2 employed, had wonderful credit scores and they wanted to put nearly 50% down... And we had trouble with the loan in underwriting... Go figure!
Jul 27, 2008 12:54 AM
Stanton Homes - New Home Builder - Raleigh, NC
Design/Build Custom Home Builder in North Carolina
Mobile homes are more common in outlying areas here, but I haven't heard of any title issues.
Jul 27, 2008 12:55 AM
Gibbs Realty and Auction Company - Columbia, SC
I haven't ran into any of this in my area, that's not to say that it isnt happening.
Jul 27, 2008 01:04 AM
Gibbs Realty and Auction Company - Columbia, SC
I see this in the Midlands as well. Its mostly because the attorney that closed the sale didn't de title the home and list it as real property.
Jul 27, 2008 01:06 AM
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA
Georgia just passed a law that all the paperwork, the dotting of the "i's" and the crossing of the "t's" must be completed first!
Jul 27, 2008 01:31 AM
Rainer
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Ron Moore
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