Buying Foreclosures - Leave Extra Time For Signing

Buying Foreclosures - Leave Extra Time For Signing
When buying a bank owned home, you shouldn’t be surprised to learn that banks are looking for ways to cut closing costs. One of the ways they do this is by having one title company handle all their transactions throughout any given state. When buying San Jose forecloses homes, for example, it’s common to work with a title company from Southern California to get your home closed. Why should you care? When it comes time to sign your closing papers, you will need to have the title company send the documents to a local notary in order for you to sign. It’s really nor practical to travel to L.A. to sign to buy a new home, unless you’re looking for reason to get out of town during the week. After the documents are brought to San Jose and you sign them, the notary must send them back overnight mail to the title company. This extra step can cost an additional couple of days in your schedule. Keep in mind that many foreclosure home purchases include language that states a buyer can be penalized $100 per day for every day the buyer is late closing. So it pays to plan ahead and schedule your signing as early as possible. For up to date info on the local real estate market go to www.GaryNobile.com or call Gary at (408) 247-4029.