Missing title documents?

[jzsnow]

I am getting a usda loan. Got usda approval on Friday and was set to close on Wednesday! Then I got the call that my realtor was contacted by the title company and said that our loan was put on hold because a few title pages documents are missing. We are buying a foreclosed home from the VA. Any idea how long this might take?!?

[StartingOver10]

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@jzsnow wrote:
I am getting a usda loan. Got usda approval on Friday and was set to close on Wednesday! Then I got the call that my realtor was contacted by the title company and said that our loan was put on hold because a few title pages documents are missing. We are buying a foreclosed home from the VA. Any idea how long this might take?!?

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Well, it depends upon what is missing.  In my experience when buying a REO (bank owned) property there is very likely to be title issues. Some title issues are small and can be cured quickly and others are large and take a long time. It's impossible to know without knowing exactly what the issue is. Contact the title company directly and have them send you the current title commitment plus an explanation of what is missing.

[jzsnow]

I'm very nervous to contact anyone directly. I did that once, contacted the appraisal company, and my realtor chewed me out! I walked away in tears over that ordeal! She said that's why we have a realtor and I was doing things buyers never do! With that said, I'm scared to call anyone now!!

[pdog661]

I hate hearing of stories where realtors make people feel that way during the buying process. 

They work on your behalf.  If you want answers to the title, either they get it for you or you can go direct. 

The concern over contacting the appraisal may have been more of a legal concern then a "it's my job" concern.  Directly contacting an appraiser could be viewed as an attempt to influence their objectivity.  I am certain this was not the case, but some realtors are very touchy these days.  

Get the information you desire, and do not let anyone stop you from getting what you need to feel comfortable, and confident that the process is moving forward.  

[jzsnow]

I should have added that the LO asked me to contact the appraiser. I didn't just do it on my own

I've asked my realtor to find out title info....she keeps saying that they are on top of it and will let me know once she finds out. In the mean time, I've got 6 days to be out of my house....with 5 kids!!

[StartingOver10]

If it were me and I had six days to move and an unknown title issue, I would be calling the title co direct. I'm a Realtor and if your Realtor doesn't understand that you need to know this info to plan your move appropriately, then they have lost sight of the whole process.

1) It could be something small and easily fixable so that you close on time, OR

2) it could be something large where the bank can not deliver clear title and the closing is totally called off (rare, but happens). OR

3) it could be anything inbetween those two extremes.

You can't possibly know what to do without having further info and with only six days to vacate, you need further info today.

If your Realtor said to you: I will get right on it now and find out what the issue is, then let her do her job. If she gave you some weak answer about following up, then I would contact the title company directly. I don't normally suggest that the buyer take it into their own hands, but you are at crunch time right now. If it is a small issue, then they should get back to you now and explain how you will still close ontime.

[pdog661]

Do you pick the title company or was the company assigned by the LO?  

I would call directly to the title company.  Have have been through the buying process numerous times, both for investment, and personal residence.  The realtor I work with is great, and he basically lets me lead the way.  I burned through a few realtors simple because they would not listen to me. 

The realtor I work with stays within city limits, and does not do much in the county outside the city.  I wanted to look at buying a home in the county.  I was referred to another realtor, and asked to see a true "fixer upper" IE some floors missing haha.  

When I brought the listing, the county realtor stated he would not show me the home because it needed sooo much work. I stopped our conversation mid sentence, and politely said my good byes. He chased me into the lobby asking what he did wrong, and I responded that I wasn't interested in working with someone that was so closed minded that they refused to show me a listing I was interested in viewing.  

Realtors work for you, and should make you feel they are working on your behalf.  Do not let them lead the process unless you feel comfortable with where they are leading you.  If you want answers....... They need to get them for you.  If they upset you to the point of tears, then you need to talk directly to the managing broker.  

[jzsnow]

Pretty sure my realtor chose the title company.

We are buying a home that was foreclosed on. They had a VA loan. So, since VA backed the loan, I'm pretty sure it had to have a clear title before the bank that gave the loan could collect the guarantee money from the VA. Make sense? I'm pretty hopeful it's a minor deal, but how long can a minor deal be?

We signed a contract with our realtor and can't just walk away from her. Believe me, I've tried! It's in our contract that if we buy a house she showed us, and use a different realtor, we owe her the commission from it.

[pdog661]

Since you are so far down the road it may not be worth the headache, but you can get out of Realtor contracts if you feel like pushing the issue. 

[Lemontwist4]

Have you heard any news yet???