How To Do A Title Search?
Can someone please tell me how to do a search to find all possible liens on a property? All I know is an address, a defendan't name, date of first mortgage and approximate lien.
Thanks so much!!!
Couldn't a Title Company do this for you? Or do I not know what I'm talking about?
Well, actually, I don't know what I'm talking about.
Where do I find a title company? Can I do this on-line? Explain this to stupid me, please.
Jen,
You can find a title company, or title attorney in the yellow pages, or at your local REIA. I recommend the REIA because you can ask other investors for referrals. It is best to let them handle the title search. If you are buying or settling, a title company will have to do that anyway, so why duplicate their efforts.
Jen you can also go to the county recorder's office and do it yourself, which is a great drill for a new investor anyway.
It's just a metter of going there, asking some questions of the snotty clerk who is hired to answer your questions, but who will act like you're bothering her, and looking up the public plat and map books.
If you already have the lot, tract, map book and page number, you are ahead of the game when you get there: otherwise just start with the address.
In any county you can trace the chain of tile on any paroperty (for free) as well as anyone can when you become accustomed to the recording system. After you know the system, then you can hire someone else to do it for you (the title company) if you wish. I used to like to do it myself, but soon ran out of time.
Some areas now allow for a complete title search on the internett (call the recorder's office and ask).
Bill G.
Bill,
That snotty clerk is my 3rd cousin Louise, if Len brings candy or cookies, she will probably do the search for Len.
John $Cash$ Locke
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Thanks, bnorton anb Bill! Hope this deal works out for me. I'll report back.
Jen,
Bill is right about being able to do it yourself, and I highly recommend learning your way around the courthouse, but I prefer to let the title company do the search. It only costs me $100, and my time is worth more than that finding deals.
This type of listing will not normally be listed by banks do to the information privacy act and fair debt collections practices act.
Your best source for this information is researching notices of default that are normally recorded in your area where they record mortgage documents.
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Servicing companies are often used by the banks to do (BPOs) Broker price opinions and are done by realtors that specialize in REOs they are done prior to the banks starting the forclosure process. The forclosure realtors are far and few between and usually have several investors that they work with, it will be hard to get in the door but give it a try, the one that I have a relationship with gives me properties to look at every week and no one else has the troubled property on their radar yet, it is a great advantage.
Good Luck,
Robert
I agree with cpifer: I am a RE/MAX broker who does a number of preforeclosure transactions, and I get leads directly from lenders and sellers who face foreclosure..
However, it is very difficult to get a continuing stream of reliable preforeclosures from the lenders, because of their bureaucratic processes and legal limitations in re: disclosue of financial information. It isn't easy to get anything at all, unless you know someone in loss mitigation who wants to help.
For newcomers and those not well established in the real estate profession, I suggest that you first pursue foreclosure opportunities directly from sellers, and provide them real help without demanding cash up front or tying them into contracts that give you, but not them, escape clauses. Wait until you've earned it to grab cash or tie up the house. Your reputation is going to be your greatest asset.
Therefore, you need to earn references and develop a reputation for dealing fairly and successfully with distressed sellers, so that you can market yourself effectively to them. I find the sellers to be the easier side of the deal, too. Both buyers and lenders range from wonderful to ...let's just say "challenging."
As for those lenders who are easy to work with, they will often be more helpful to those who can claim a successful record of working with sellers to the lender's and seller's mutual benefit. They don't want hassle, to be tied up with anything that could look sleazy, or damage to their reputations.
Good luck!
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willia2521
Some great advise has been given and let me add just one more thing.
If you have a lender to work through and they do provide such information NEVER disclose their name or information, as this source will end.
Keep in mind that eyes are all-out on the net.
I am sure that many of the investors who chimed in on this thread are just using examples!
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Hello,
Here's our experience.
We get preforeclosure and foreclosure information from our bank. They don't have many, but when we were living in our former state, that bank called me usually first.
Thanks,
OnTheWater
PS We're beginning to develop the same relationship with our current bank.
Everyone,
Thank you for taking the time to respond. Your feedback is greatly appreciated!! :-D
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*BOARD HUSTLER*[ Edited by JohnLocke on Date 10/10/2004 ]