Expert: Dick Dennis - 1/11/2009

Question
We recently made an offer on a foreclosure property in Kingman Az.  We received a signed purchase contract from the mortgage company but cannot get them to set up escrow so we can close.  They named the escrow company ( in Calif.) but refuse to send the information that is valid for them to set up an account so money can be transferred. Do we have any recourse on this or can they take as long as they want to sell this.  I feel like they are wanting us to bail on the sell.  We have done a home inspection and signed off on the as-is but nothing is bing done.  What can we do?

Answer
There is nothing much you can do, John, if you do not have a Realtor or attorney representing your interests. They probably don't have a valid AZ escrow company yet. They are dragging their feet to see how anxious you really are. Or maybe they do have another offer that gives them more money after the close.

Since the transaction has taken place in AZ, I strongly suggest you engage a GOOD AZ real estate attorney to protect your interests. Yes, it'll cost you for his/her services, but your interests will be protected and you won't lose the deal. I wish you well.

Dick Dennis
dixiedee13@aol.com