Foreclosure Newbie
I am just getting started in the Foreclosure aspect of RE. Would appreciate any input or advice you have of thing to watch out for etc., also, how is the best and cheapest way to find out if a property's title is clear besides going thru a title company?
I would also like information on doing your own title search, at least a preliminary one. Like to know how it works and exactly what to look for.
Thanks
Well the process for this varies some from county to county but I can at least give you the general outlines.
In each county there is someone with the title of Recorder (or Registrar) of Deeds or something similar (might be interesting to see all the different titles, feel free to post the title in your county if it is different). In the old days he maintained ledgers with all legal descriptions of properties which also served as indexes of all the various documents recorded relative to each and their recording numbers. These days this whole process is pretty much computerized (at least in all the counties I've ever worked in).
Generally you must go to the Recorder of Deeds office and they will have some training they provide as to how to run a title search. Its not complicated. There will be a list of documents filed relative to the property in which you are interested. The list will include very abrevated descriptions of the document, "a warranty deed from Mr. X to Mr. B" "a mortgage in the amount of $xxx by such and such bank executed by Ms. y." For those documents that appear particularly interesting to you you can ask to see them. Generally either on Microfilm or digital storage systems. For a fee you can order copies. For a larger fee the staff will certify that the copies are correct.
Frequently you will find people in the Recorders office who are there every time you go. Many work for attnys or title companies. Some are fellow real estateinvestors. Occasionally they are useful or helpful people to know.