Searching Title - Abstractor Or Self?
Hello all -
We are new investors in Georgia, but have done research on REI for the past year or so. We're ready to purchase our first foreclosure at the courthouse steps.
Title searches...do you do them yourself, or have a firm do them for you? Is title insurance a must for foreclosures?
If you search the title yourself, what exactly do you use to determine that the title is clear? Since the liens and second mortgages fall off at foreclosure (except for IRS liens and property taxes), should I only be interested in the making sure the Warranty Deed chain of title doesn't have any holes? We have access to all of the property information online through our county Superior Court system. I can view the warranty deeds, security deeds, liens, etc.
If using a firm, how do you handle it when you are dealing with 50+ foreclosures you are interested in? We plan to narrow it down to 5 or 10, knowing that some of them won't make it to the sale because they will get resolved ahead of time. Still, the fees add up quickly!
Thanks for your help!
Kweaver,
Welcome to Georgia!
It depends on how much time you have. You can do title searches yourself or pay a lawyer. I personally do them myself since I am cheap.
You cannot get title insurance when buying a foreclosure since you buy the foreclosure AS IS.
It doesn't matter who previously owned the property! If you are the winning bidder at the foreclosure sale you WILL become the new owner.
You do realize that you must pay ALL CASH at the foreclosure sale.
If you want, I'm looking for a partner to bid at the sales.
Contact me through my profile.
Hope This Helps!
Mrs. Meltzer
Hello Mrs meltzer My name is Jay you seem to be popular here on this site.
I'm a local investor here in Georgia and I deal in foreclosures aswell and would like to speak to you, possibly entertaining the idea of partnering. Please contact me Through my profile.
Do the title search your self ...you HAVE TO LEARN this anyway.
On trustee sales here in CA where they are at least 150k I do the title search myself and there is no way I am going to let someone else do this ....to much money on the line!!
On your first one YOU SHOULD LEARN period.
Spend 2-3 full days at with the records and learn EVERYTHING about it.
If you do not want to risk your money????
SKI
Hi skidoddle,
I am a newbie in SF Bay Area, CA. Any chance of getting mentoring or partnering with you? Is the county recorder's office the only place I need to do encumberance searches (on foreclosure properties)? Know of any websites where I can get these information etc.