What About Title Issues?
March 22, 2009
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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Who Is "REALLY" Making $ In Today's Real Estate Market?
Our 29,689 Members Tend To Agree...
It's Usually Not The GURUs
Have you ever noticed that every "Guru" real estate pitch sounds the same........
They once were poor, but now are rich working only 5 hours per week, and you can be rich too if you just buy their "can't fail system".
Or have you noticed that every property promote has a can't miss proposition, if you just buy TONIGHT.
At the NoBullRE club, we are huge believers in real estate investing...... but we also know that every approach has two sides: Nothing is perfect.
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