Yes we just won an auction and have received the 1st intial email stating the next steps. They said the purchase agreement will come in the next 2 hrs and need returned along with the wire information we needed to do. Will we get clear title at closing? Who is the title company going to be and can i pick the one I would like to use locally? How soon will we be able to close on a cash purchase and have clear title? Item number is GE44223

asked by Jennifer V. on 7/21/15

6 Answers
Thumbnail of user sandrar23

Have your real estate agent search title. If the property is occupied, you will have to get the people out yourself.

Helpful  (1)
Thumbnail of user barrys42

It's something like a 95 page sales contrract that gives the purchaser almost no rights. There are lots of homes that are still occupied. 356 Cypress Drive Mastic Beach New York is one of them On December 22 2017 the 5th or so auction has ended. The reserve was not met. The department of Social Services in Suffolk County NY has a $200,000 lien on the property, there may be more.

The home is still being occupied by the owner and all of his tenants. The bank owns the property so it will be a legal process to get everyone out. Whn they do the home will need a total rehab.

The owner of this property will gladly show you around for a $100 fee. However when he needs to leave if you don't put a lot of money in his hands and the hands of the tenants then you will have squat, this is long island NY. The bank offered them $3,000 to move out 6 months ago.

Robert Metel will be appearing in NY Supreme court in April 2018. Auction.com attorneys know this but it doesn't appear anywhere. Go to ecourts in NY Supreme and you will see. Who every gets this house is going to get a big surprise. Did you know that the home was condemned? Lots of other surprises.

Go to code enforcement and see a;; the issues. Rob believes that if you buy land you can erect a building without permits and inspections.

Helpful  (0)
Thumbnail of user cc91

I was told we could close early (which we had requested). I had to threaten legal action twice before we got to close on our house (which happened over a month after they said it would). I had to make multiple phone calls to the first title company. They finally took the title to another company, which wasn't much better. A local company had the title- but the bank moved it across the country twice. Nothing was completed even close to on time. I had to get really rude just to get a phone call back by anyone at Auction.com. It was really aggravating. Be prepared to pay all closing costs as well.

Helpful  (0)
Thumbnail of user pankajp3

Read the contract carefully see if there is a contingency if the seller fails to complete the agreement in the time specified ie the closing date. There was non for me and if i failed to complete or backed out I would loss my deposit, they loss nothing if they fail. They leave option to amend the agreement, it's take it or leave it. To me that is illegal and/or unfair and therefore auction.com works for the seller

Helpful  (0)
Thumbnail of user garym81

Look for the title information on the site. They are selling some properties with liens on them. Once you sign the contract, the title company will go by the contract.

Helpful  (0)
Thumbnail of user markh131

You will get a clear title. They pick the closing company. I got lucky and they picked one local and it went smooth, others have said the bank used their own closing company from out of state and it drags. Give it time, they want to get rid of them but are up to their eyeballs in foreclosed homes.

Helpful  (0)

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