Title Search? Help Please!
I am new to REI and I was wondering when is the appropriate time to do a title search.
I am looking at a property now that I think I can get for a steal. The property is two lots, which are being foreclosed on my family members of the original owner. They acquired the property by loaning their brother in law some money before he died.
Tenncare, which is our state welfare healthcare system, has put a lien on the property and this is the only lien I can find.
If there is anyone out there who can tell me just how the title search process works and how I should use it please let me know. I use a web based search called title searcher to find courthouse documents and it is up to date I can not find any information on Tenncare liens and when I call them they can't tell me who to talk to. It seems like they don't know anything.
Can you go to a trustee or what do you have to do to get this information.
This is a non-judicial foreclosure.
I would appreciate any advice.
Ken
Read the post ..Mortgage Balance.. and the replys 4 posts back.
If you can, contact a local Title Company and ask their fees on the search. Tell them the foreclosure date and ask for the report as near to, but before the date as possible. Ours takes from 1 to 4 days for the report. This should give current enough liens not to have any surprises after you win the bid at the foreclosure auction.
Good luck!
In this case I'd worry more about the probate court. Seems likely that if the other relatives get wind they will claim that the loan and foreclosure is an attempt to defraud them of their interest in the deceased's property.
If I were a sneaky guy, I'd go find some such relative, give them a couple hundred bucks for a quitclaim for their interests and file the suit myself. Once you're in the way who knows what will happen.