research foreclosing property. title insurance.
Hi all! I'm from Illinois. We have juditial sales here. I'm about to buy my first foreclosure. Conditions usualy 10 to 25% at sale, rest - next day. Clean title is not guarantied. You get sheriffs title in a week. Need some advice. What kind of research should i do protect myself as much as possible before bidding?
Is title search a must? Should i buy title insurance and at what point in sale?
Should i use a lawer? What's lawers role in my case?
Thanks in advance!
Hello Berd, Welcome aboard. To answer some of your questions. I would always protect myself with a lawyer a deal like this one. I would get title insurance as well. But before I got to this point. First I would check with property value administration to learn the value of the property. Next I would check with code enforcement to see what if any violation exist on the property. I would drive he neighborhood to see what it was like in the area (if I did not know the area of town). I next would inspect the house to see if I could determine any problems, ie leaky roof, cracks in foundation, plumbing, electrical, bowed walls, windows, doorframes and the like. I would have a good ideal about how much it would cost me to get the house in good working order. I would already know what I was going to do with the property before I purchased it. This is the least that I would do on a property such as this. I hope this helps.
Berdie:
YOU WROTE---Clean title is not guaranteed....THEN YOU NEED TO ORDER a preliminary TITLE REPORT ON THE PROPERTY(s) YOU WILL BE BIDDING ON!!!
Need some advice. What kind of research should i do protect myself as much as possible before bidding? TAKE DOWN ADDRESSES OF THE HOMES LISTED ON THE SALES SHEET AND GO ONLINE TO RESEARCH ILLINOIS COUNTY RECORDS ON THESE (FREE)!!
or
TAKE A TRIP DOWN TO THE COURTHOUSE ---OBTAIN THE LEGAL DESCRIPTIONS---LOOK UP ON THEIR TITLE RECORDS ON MICROFICHE or COMPUTERS IN THE COURTHOUSE
Is title search a must?
---IT CAN SAVE YOU TIME AND GUARANTEE YOU THAT LIENS (or Clouds) ARE NOT OVERLOOKED---
Should i buy title insurance and at what point in sale?
---YES!!! UPON SUCCESSFULLY BIDDING!---
Should i use a lawer? What's lawers role -in my case?
---MASYBE/MAYBE NOT! A LAWYER IS AN EXPENSIVE WAY TO ACQUIRE TAX SALE OR SHERIFF SALE PROPERTIES. THE ATTY.S CAN PROVIDE EXPERT, TIME-SAVING DOCUMENTATION PROCESSING+PROCURING+FILING, HOWEVER; THEY CANNOT GUARANTEE YOU THAT YOU'LL HAVE ACQUIRED A PROFITABLE DEAL!!---
Hope this helps!
DERRICK ALI
[addsig]