Today we signed a agreement with the sell agent for a bank owned house. This house has been on the market for over two years. In early this year, someone tried to buy it at 34w and quit after some work on this house. We asked some of friend who have some experiments on flip. They said this house is ok to fix. So we decided to buy it. The price is around 25w cash only. We don't have a buyer agent and are the first time home buyer. The agent asked us when we want to close, we said as soon as possible. The agent called tha bank (or someone else) in front of us, one minute later, he said that it can be closed tomorrow if we want. We are scared because we heard that it always takes at least two weeks to close a house.
So we decided the close date to be on next friday (another reason is for money settle down in our account) and will give the agent $4k (money order) for deposit tomorrow. The $4000 deposit money order to the attorney (ESQ), not the agent.
The agent also suggested that we hire a layer to review title insurance before final close. In fact, he recommended on attorney and he will pay the closing fee. But we decided to hire one by ourselves.
Is it a scam? What do we need to be careful during these days?
So we decided the close date to be on next friday (another reason is for money settle down in our account) and will give the agent $4k (money order) for deposit tomorrow. The $4000 deposit money order to the attorney (ESQ), not the agent.
The agent also suggested that we hire a layer to review title insurance before final close. In fact, he recommended on attorney and he will pay the closing fee. But we decided to hire one by ourselves.
Is it a scam? What do we need to be careful during these days?
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