| REO Property Nightmare--Please Advise
What is the name of your state (only U.S. law)? IN
I have a signed purchase agreement with a bank regarding an REO property. Title search revealed an IRS Tax Lien against the property--so the deal is stuck. The home was given back to the bank--'deed in lieu of foreclosure'. So, the property has not actually been foreclosed upon. I get word from the bank that they are going to pursue full foreclosure, in order to get the federal lien cleared. Our contract expires 10/28.
What can I expect after potentially waiting 6 months for the full foreclosure process to be completed (of course part of that time frame is the 120 days that the federal government has to reinstate their lien or redeem their interest in the property. Is the bank under any obligation to sell me the home at our agreed upon purchase price, what about the potentially loss I have for interest rate increases during that time. I am willing to wait this out if I can be guaranteed the purchase of the home at the originally agreed up on price. Is there a process to commit the bank (seller) to that? | 
10-25-2009, 08:47 AM
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