Fannie Mae Foreclosure And Other Leins
When Fannie Mae forecloses does this wipe out any other leins? If I place an offer on a Fannie foreclosure should I have a title search or can I be fairly sure that the title is clear?
Be safe, always do a title search. There could of been an IRS lien which has a 120 redemption right.
agreed. You should develop a working relationship with a local title company right away if you have serious intentions of pursuing real estate investing.
Quote:
On 2006-04-24 17:21, Ebellis wrote:
When Fannie Mae forecloses does this wipe out any other leins? If I place an offer on a Fannie foreclosure should I have a title search or can I be fairly sure that the title is clear?
Fannie Mae will more than likely pay for the buyer’s title search. I just went through one of these and that is what they did for me. But as others have said...always make sure and cover yourself if the seller doesn’t pay for it.
Do you need a title search if you are buying a REO from the bank ., or has the bank already done that. I put in a offer on a Reo and the bank has had it for 10 months. Can The IRS still put a lien on it ?
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Do you need a title search if you are buying a REO from the bank ., or has the bank already done that. I put in a offer on a Reo and the bank has had it for 10 months. Can The IRS still put a lien on it ?
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I live in a rural area and there is only one title company in this whole county, most of the time this is done by the closing attorney and they all charge basically the same HIGH rate. I had a closing this week and they charged me 540.00 for a title search and if I had wanted title insurance it would have been extra. This is why I was asking on a Fannie Mae foreclosure, if all leins had been wiped out, then I could avoid this extra expense.
Ebellis,
If you don’t want to pay some one to do a title search for you, learn how to do it yourself.
You can start here http://170.142.31.248/SelectCounty.asp and then go to your County Register of Deeds for lien info.
John (LV)
I agree with you Chris.
So much that I moved this here out of the "Art of the Deal" forum on the commercial side.
I have to commend you in coming on the board and asking this BEFORE you actually started contacting the people on that list of yours.
There is nothing worse than someone coming here and saying that I have this deal and what paperwork do I need to do it or jumping into the foreclosure market before you know what you are doing, especially with people about to lose their house in foreclosure; so I definitely agree with the previous suggestions of education yourself.
A very simplified answer is for you to first eliminate the ones on your list that don’t fit the profile of the houses you want. For example if there are multi-million dollar houses (yes there are houses like that, as I see them daily) on your list and you are looking for houses in the 200k to 300k range, you can eliminate those. Then you contact each of the owners. When they respond you talk to them about buying their house, do your due diligence and then you buy it. Now you can either move into it your self, rent it or resell it.
Another way is to wait and bid on the property if it goes all the way to auction. The auction is now held at Nevada Legal News vice the old courthouse. If you decide to go that route, I highly recommend you know what you are doing before you bid because you can get stuck and it is a “Cash and Carry” type auction.
A third way is to buy the property directly from the lender as a REO.
Like I said above, this was a simple answer to a very in-depth question of which volumes of material has been written.
Hope this helps
John (LV)
These forums are a great resource. Did you try the products tab at the top of the page. There are lots of books and courses available here on TCI that can really help you out. Find out which TCI contributors you like best and see if they have a course available. I did that with a couple of books and was not disappointed. BTW how did you arrange for the title companies to mail you the default list? What did you say, do, ask for? Good luck.
Also the first chance you get, you need to call up an attorney to make sure that everything you come across will fly in your jurisdiction. But gather all of the information before you contact, because soon after hearing from you a few times they will charge a consultant fee.
what dude said, read this message forum and start pounding the pavement
I told the title company that I was a real estate agent. They put me on their email list.