Here is what I did.
I called around and spoke to realtors/brokers in the area. I told them what I was looking to do (buy a rental). Once I found a good one (she offered to go by that eve. and take digitals as if I was there and email them to me). It worked. I bought. She helped me get an excellent tenant!
HEY....THIS IS A GOOD QUESTION. PLEASE , ALL EXPERINCED INVESTORS, ANSWER THIS IF YOU ARE OUT THERE. I'M A NEWBIE MYSELF. IN THE TRAINING STAGES ACTUALY. ALL RESPONSES WOULD BE APPRECIATED. THANKS AND GOOD JOB TO ALL WHO HELPS OUT US NEWBIES.
We work foreclosures and learned to do our own title searches, it's not hard just takes some practice. You can do an easy one in 10 minutes. The hard ones can take 30-60 minutes depending on how complicated it is.
So then you have to ask yourself is one hour worth your time? If you expect to earn $500/hour then $300/hour is cheap. We do 5-6 an hour so it's worth it to us.
If you don't want to do your own searches there are research services like lotbook that will do them for $125. Your county may have a similar service. You might also solicit a freelance title abstractor, there are some web sites where they advertise.
how does one do their own title search? please expound..... i have access to a title company website and would love to do my own - -thx in advance
[addsig]
You don't need a full blown title search prior to purchasing the property. In my area, what you want is called a lien search. They supply how title is held (and the recording info) and let you know what liens and judgments are on the property. That's it. Around here it would cost approx. $20; however, a full blown title searchis under $100. Call a local title company and ask what they charge - I've heard it called something other than 'lien search' but I can't remember what it is.
Also, when doing searches on line, they aren't very reliable. Many recorders offices are far behind in recording.
Why are you doing title searches pryor to wholesaling properties in the first place? I never do....If you are doing simultaneous closings and NOT assignments in your transactions then you can simply put a contingentcy clause in the contract between you as the seller and the end buyer that contract is contigent upon seller being able to provide clear title. That way if a cloud in the title does arise that you do not wish or are not able to remove.....your basically off the hook.
What ya do to do a title search..
1. Go down to the court house to the recorders of deeds.
2. Ask the people there how to use their equipment.
(they are payed to help you)Tell them that you would like to do some research on a property and they will help you.
3. Look at all mortgages on the deed. There should be a satifaction of every morgage payed. If ther is not a satisfaction there is still a mortgage.
4.look for anything that looks like it may affect title like liens etc.
5. Then you do the same thing to the owner before.
( You know that by looking on the current deed.)
6. If you needto find out who owns the propery go to the assessers office. Just ask them for the info you need. In my county there is a computer with this info free of charge. They will explain how to use it.
7. If you need to check the taxes are current. Go to the tax claim office. Also in my county there is a computer free of charge that has the info.
This is a copy of a post I made last month.
-------------------------------------------------------
It is easy and does take practice but I wouldn't trust the clerks at the recorder's office or even other investor's who haven't been trained. They're very nice people and love to help but my experience has been they have no idea how to do an effective title search.
Here's what I do. The details are missing so don't just try it without a little training.
1. Find a point in time when the property was free and clear. Start from today, or in the case of foreclosures from the foreclosing mortgage or trust deed, and go backwards in time, noting all important documents that place liens on the property or change ownership, until you find the deed that transferred title for full value. I also look for F.I.T.E.S. which I learned from Ward Hanigan.
2. When you reach the starting point, go forward in time and note all documents that release or rescind the found liens and actions.
What you have left is who really owns and what liens are still on the property.
---------------------------------
F: Full Value transfer as marked on the Deed.
I: Institutional lender on the lien instrument.
T: Title Number or Order Number on either the Deed or lien instrument.
E: Escrow Number on either the Deed or lien instrument.
S: Sequential recorder document numbers generally first the Deed then the lien instrument but could contain a Quit Claim or other document between them.
Though I have never had to do my own title work yet, it sounds like to me it would be wise to go to the school theory here.
Do your own title work AND pay someone to grade your work. i.e. have the title company do their job and compare reports at the end. If they come out similiar after doing a couple you know you are heading down the right path.
If they aren't take their report and go back and look at the records at what you missed.
When doing future title searches pay for the title company to do that work if you see something you aren't familiar with, but again compare notes of the final product.
Do you mean getting photos of properties not in your area?
Did you hone down to a particular property or are you searching?
I have a couple of properties I want pics of in Ny and pennsylvania but I know no-one in those places.
Here is what I did.
I called around and spoke to realtors/brokers in the area. I told them what I was looking to do (buy a rental). Once I found a good one (she offered to go by that eve. and take digitals as if I was there and email them to me). It worked. I bought. She helped me get an excellent tenant!
some areas have property appraiser site that includes one outside picture of the house
I have already tried the county assessors' sites and also realtors
Thanks anyway
You can order an exterior BPO from a realtor.
The realtor is the way to go and I'm sure you have not talked to every realtor in that area.
Many agents consider BPO's a waste of time so it always seems that there are a only a select handful that does several of them.
whats a BPO?
Quote:
On 2004-11-13 18:56, Murphyj2000 wrote:
whats a BPO?
Brokers Price Opinion
About how much would one of these cost me?
Quote:
On 2004-11-24 21:03, realtorauction wrote:
Quote:
On 2004-11-13 18:56, Murphyj2000 wrote:
whats a BPO?
Brokers Price Opinion
HEY....THIS IS A GOOD QUESTION. PLEASE , ALL EXPERINCED INVESTORS, ANSWER THIS IF YOU ARE OUT THERE. I'M A NEWBIE MYSELF. IN THE TRAINING STAGES ACTUALY. ALL RESPONSES WOULD BE APPRECIATED. THANKS AND GOOD JOB TO ALL WHO HELPS OUT US NEWBIES.
Go to http://www.knowx.com ...... you can get real estate, bankruptcy, liens, and judgements etc thru knowx for a small fee.
I have not used knowx yet but I plan on it.
Good Luck
Carol
We work foreclosures and learned to do our own title searches, it's not hard just takes some practice. You can do an easy one in 10 minutes. The hard ones can take 30-60 minutes depending on how complicated it is.
So then you have to ask yourself is one hour worth your time? If you expect to earn $500/hour then $300/hour is cheap. We do 5-6 an hour so it's worth it to us.
If you don't want to do your own searches there are research services like lotbook that will do them for $125. Your county may have a similar service. You might also solicit a freelance title abstractor, there are some web sites where they advertise.
how does one do their own title search? please expound..... i have access to a title company website and would love to do my own - -thx in advance
[addsig]
You don't need a full blown title search prior to purchasing the property. In my area, what you want is called a lien search. They supply how title is held (and the recording info) and let you know what liens and judgments are on the property. That's it. Around here it would cost approx. $20; however, a full blown title searchis under $100. Call a local title company and ask what they charge - I've heard it called something other than 'lien search' but I can't remember what it is.
Also, when doing searches on line, they aren't very reliable. Many recorders offices are far behind in recording.
hehe, 20$ for a lein search would be very nice
and would the amounts for each lein be shown in your 20$ search?
Thanx-
yup, they show the lien (or mortgage) amount and also recording info.
Why are you doing title searches pryor to wholesaling properties in the first place? I never do....If you are doing simultaneous closings and NOT assignments in your transactions then you can simply put a contingentcy clause in the contract between you as the seller and the end buyer that contract is contigent upon seller being able to provide clear title. That way if a cloud in the title does arise that you do not wish or are not able to remove.....your basically off the hook.
What ya do to do a title search..
1. Go down to the court house to the recorders of deeds.
2. Ask the people there how to use their equipment.
(they are payed to help you)Tell them that you would like to do some research on a property and they will help you.
3. Look at all mortgages on the deed. There should be a satifaction of every morgage payed. If ther is not a satisfaction there is still a mortgage.
4.look for anything that looks like it may affect title like liens etc.
5. Then you do the same thing to the owner before.
( You know that by looking on the current deed.)
6. If you needto find out who owns the propery go to the assessers office. Just ask them for the info you need. In my county there is a computer with this info free of charge. They will explain how to use it.
7. If you need to check the taxes are current. Go to the tax claim office. Also in my county there is a computer free of charge that has the info.
Hope this helps.
This is a copy of a post I made last month.
-------------------------------------------------------
It is easy and does take practice but I wouldn't trust the clerks at the recorder's office or even other investor's who haven't been trained. They're very nice people and love to help but my experience has been they have no idea how to do an effective title search.
Here's what I do. The details are missing so don't just try it without a little training.
1. Find a point in time when the property was free and clear. Start from today, or in the case of foreclosures from the foreclosing mortgage or trust deed, and go backwards in time, noting all important documents that place liens on the property or change ownership, until you find the deed that transferred title for full value. I also look for F.I.T.E.S. which I learned from Ward Hanigan.
2. When you reach the starting point, go forward in time and note all documents that release or rescind the found liens and actions.
What you have left is who really owns and what liens are still on the property.
---------------------------------
F: Full Value transfer as marked on the Deed.
I: Institutional lender on the lien instrument.
T: Title Number or Order Number on either the Deed or lien instrument.
E: Escrow Number on either the Deed or lien instrument.
S: Sequential recorder document numbers generally first the Deed then the lien instrument but could contain a Quit Claim or other document between them.
Though I have never had to do my own title work yet, it sounds like to me it would be wise to go to the school theory here.
Do your own title work AND pay someone to grade your work. i.e. have the title company do their job and compare reports at the end. If they come out similiar after doing a couple you know you are heading down the right path.
If they aren't take their report and go back and look at the records at what you missed.
When doing future title searches pay for the title company to do that work if you see something you aren't familiar with, but again compare notes of the final product.