What About Title Issues?
March 22, 2009, Writen by: Chris Anderson, Ph.D
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Want to know a dirty little secret about Bank REOs and foreclosures that could cost you 10’s of thousands of dollars?
It is simply that most homes that are now in foreclosure have some form of title defect. What does this mean you might ask?
Simply that there are disputes as to the legal ownership of the property. As a result, it can be difficult or impossible for a new owner to sell the property. When home owners go into foreclosure, by that time they frequently are behind on almost every other aspect of their payments:
- Federal taxes;
- Property taxes;
- Unresolved judgements;
- Mechanics liens.
A single recorded title blemish could literally cost you 10’s of thousands of dollars to repair. Worse, usually banks transfer ownership to you via a Quit Claim Deed, which then means there is no recourse on your part.
One of the things that BankREOSpecialists.com does during its due diligence is to insure clean, marketable title for all our buyers. Make sure that if you are acquiring properties on your own that you have a thorough title examination performed.
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