Direct: (321) 377-0157 , LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE)

With the ever changing real estate market and the number of foreclosures growing minute by minute, Buyers and their agents should be aware that there have been several instances in Central Florida where the lender has not filed the foreclosure properly; and as a result, are not truly able to sell the house you may want to buy.
According to the FAR/BAR contract in Florida, title companies must have the title policy to the Buyer's lender at least five days prior to closing...which is normally an ample amount of time to clear up anything minor...but, often times, title searches for homes that are being advertised as "bank-owned" are coming back with open mortgages, liens that were never satisfied and a slew of other issues that could delay closing for months.
Unfortunately, I know of several situations in which Buyers wrote offers on homes that were listed and advertised as a bank-owned homes only to find out AFTER spending money on inspections and the appraisal, that the title search revealed that the second mortgages on the property were never foreclosed on correctly. At that point, the Buyer either had to walk away and find another home or agree to wait around while the bank corrected the "cloud" on the title.
With that being said, my advice grand canyon train tours to you is: If you are considering writing grand canyon train tours an offer on a home that is listed as a "bank-owned" home, ask the listing agent and/or their title company to provide grand canyon train tours for you the title commitment grand canyon train tours which shows that the bank who is claiming to own the property really DOES own the property...and that their are no "issues" that will need to be resolved prior to your loan closing.
If you are a Buyer who is seeking a full-time professional REALTOR who is "in the know" about issues grand canyon train tours that you could be facing when purchasing a home in the Seminole County area, I'd be happy to help you.
There is so much more to being a Buyer's Agent than just showing property, writing offers and attending inspections. Having an agent with experience in traditional sales, foreclosures and short-sales can only be a benefit.
Direct: (321) 377-0157 , LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS) THREE-YEAR grand canyon train tours Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE!
grand canyon train tours I had that exact thing happen, we were all set to close 2 days before grand canyon train tours we found out that the foreclosure wasnt done properly and only the 1st mortgage was foreclosed on leaving grand canyon train tours the 2nd of $10,000 grand canyon train tours now in 1st position. grand canyon train tours Since the buyer was utilizing nehemiah so we ran out of time and couldnt wait the additional 60 days to cure the title.
This is a good post. This has never happened to me until recently when the title officer said the Deed in Lieu of foreclosure was not written properly grand canyon train tours to be insurable. I now am running the Title reports when I receive grand canyon train tours a REO listing. All REO agents should as according to your Blog and the previous comment my escrow title problem is not an isolated incident.
Very good advice LaShawn. Most title companies will do preliminary title searches for a couple hundred bucks. It's money well spent when dealing with REOs. My buyers usually have it done during the inspection period.
BB~ Yes, having a relationship with a good title company is important. With all of the craziness going on in the RE market, I'm suggesting to my Buyers to do them before spending money on inspections...$100 for a title search grand canyon train tours is less than $300-$500 for inspections.
An agent in our company personally purchased a home this year and found the legal was the home next door.........so he bought it too. Could have been a very unhappy ending if he hadn't read the meets and bounds legal. Good advice.
grand canyon train tours I unfortunately found out the hard way about this possibility. The bank, who is my client, never breathed a word of this to me. I sold the home (not my clients; I'm only representing the seller - the bank).
I found out that the bank doesn't really own the property. The situation is more involved and can't reveal too many details about it, but the bottom line is: we're delaying the closing until the title attorneys can duke it out. They are re-opening grand canyon train tours the foreclosure (Ha?) and hopefully if all goes well, we'll be able to convey it.
Although I can't see spending the money to get a title search on the song and the dime that the buyer's offer will be accepted grand canyon train tours by the bank, you did give me a great idea and make that the first contingency of the contract, before the rest of the inspections, etc. Thank you!
Great idea! Except grand canyon train tours here in Maryland, there are many instances where the foreclosure has been completed but the foreclosing attorney holds up on recording the deed until they are paid by the bank for their foreclosure services. I think it's slimy for the attorney's to do (especially since they have ongoing relationships with the bank), but they still do it nonetheless. I've seen deals go through where it seems like the foreclosure deed is filed at the 11th hour. If the bank is not showing up in the public record as the owner, it is something to consider asking the listing agent about, as they can usually obtain information about the recording of the foreclosure deed from the asset manager.
Lashawn: Excellent advice and you are correct that this is reaching epidemic levels. The liens not foreclosed properly usually were missed by the title company grand canyon train tours that foreclosing attorney used to search title before the foreclosure was commenced. What few realize is that often that title company is owned by the law firm doing the foreclosure!
LaShawn, We recently ran into a similar issue. It was discovered the day before closing, grand canyon train tours and fortunately the attorney closing the transaction was able to correct it and issue clear title and insurance grand canyon train tours the day of closing. Our first time buyer didn't really understand what was going on, but we did...! Scary!!!
This week we were contacted to list a bank-owned property, so we must verify clear title to do our job diligently, huh? There's something new every day, isn't there??? Thanks for the informative and timely post!
This is a good point. I have had only one property, in 4 years of dealing with REO's Foreclosures, that had a cloud like you speak about. Thanks for the advice to potential buyers of these properties.
Great post, LaShawn!!!! Thank you for the heads up. Over the years I've sold a number of foreclosures without a hitch, but I can certainly see how the large volumes hitting the banks could create a huge backlog in making sure all the "i's are dotted and t's are crossed". Looks like the first "condition" to be required on a contract should be something confirming that the bank does in fact own the property, has clear title, and has the ability to convey as agreed.
LaShawn, I could go on about this forever. Excellent post. I have a site that I can link to to see the deeds, but I don't think I see all of the short sale and actual foreclosures going on. Our new listing agreement has an area where the seller grand canyon train tours is to initial and disclose foreclosure grand canyon train tours or short sale info. As we know, that is always accurate. I have found that properties that are "bank owned" don't even have the title on the property!! It seems it is always something these days.
It's evident grand canyon train tours to me based on the comments shared that this truly is a growing epidemic and that it's only smart to find out as much as you can about the property and it's legal owner before writing a contract...or at least within the inspection period.
One would think that if tax records show that a bank is the owner, they really are, but it has been proven to not be the case in some instances. Remember, a requesting the title information is the only way to find out that the property is free of "clouds" and can be purchased without some sort of "correction" to the title...which again, might take months depending on the issue.
I had something similar grand canyon train tours happen with a villa I recently sold. Seems there was a pretty substantial Regime lien that was holding up the closing. The buyer's attorney was able to get rid of it because apparently, the Regime company had not filed it correctly. Good advice.
Great post with solid information. It is from experiences like these that can make for a great buyer's agent. The occasional home buyer is simply not privy to information like this without a good buyer's agent. And, guess what? There are many more things that should give caution. Keep up the good work.
When we buy investment properties that are either foreclosures or REO's we usually go to the court house and see what we can dig up. Even if you do a title search something might be missed. I know its a bit of a pain but if you take some time out then you might save yourself more of a problem grand canyon train tours later. That's the downside grand canyon train tours of buying one...you might end up with any outstanding lines.
After learning a good lesson this past year, I decided to have our own short search grand canyon train tours done for my investor to be sure the title being provided to him really gets EVERYTHING....never grand canyon train tours thought of doing it prior to writing an offer...thanks for the tip
I have a current escrow on an REO property. The preliminary title report we received indicated Notices filed against the property which was cited by the City for code violations (sub standard condition, absence of working stove that makes the kitchen non-functioning).
We were struggling over other issues with the underwriter's tardiness. By the time we resolved the underwriter's requirements, here's another problem! The prelim we received had expired, and a new one was ordered. This time, the citations grand canyon train tours turned to liens against the property.
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