Closing A Deal And Checking Title (cost Effectively)
Can anyone assist with this question. Obviously the nature of the question speaks to the fact that I don't have any deal experience, but want to be able to visualize the process before embarkng.
1) When closing a deal with a distressed owner, is it typical that you go through the normal close process with a title company, attorney, etc. or do you try and do this deed transfer yourself....seems risky for the beginner if the latter?
2) What is a cost effective and accurate manner to verify clear title and verify encumberences on a property. I called a Title company to see how much they would charge and they quoted $500. Given that it makes sense that you would want to find this info out sooner in the purchase process rather than later, and that the "textbook ratio" for leads to deals is at least 20:1, that can get quite expensive to pay to do this for dead leads.
Any an all advice apprecitated.
Dave
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