How long does it take to obtain a title report?

Question

I am purchasing a short sale home. The BPO has been completed and came back good. The bank has ordered a title report and then needs to review the PMI insurance of seller - how long should that take? The seller's bank is telling them to check back on 9/15 - THAT IS 24 DAYS AWAY! When my bank ordered the title search it came back within a week. Thanks for any insight.

Answer 1

It isn't the title search that is going to hold this up, it is the lender.   Once they have all the information, it will sit on someone's desk, they will approve or disapprove, it will move to someone else's desk, etc., etc..  

I talked to an asset management person awhile back, they had 2,000 properties on their case load.  That's alot of files.   There is nothing short about the short sale process.

Answer 2

A short sale is not named short because it takes a short time.

It will take a very long time.  The employees at the bank are required to do everything they can to recover as much money for the bank as they possibly can.  Their efforts will be reviewed by their bosses and if they miss one chance at a penny they may miss their next raise.

The employee is more concerned about their job than getting this house sold.  reviewing the PMI often means that they will try and get the PMI to take part of the loss on this sale.  That could take quite a long time also.

There is no one that can truthfully tell you when you will close on this house.  But it very well could be a great price.