Many title companies will charge a nominal fee to conduct a 'present owner' search for about $100.
I would suggest that this be done before you prepare your net sheet as part of a short sale proposal.
You can also request that the Seller obtain a copy of his/her credit report. A CR is a good indicator (but certainly should not be considered a substitute) of what might be on title.
Once you have the property under contract, give it to the title company to begin your title search. You can deal with the bank while doing the search or wait. When you put the house under contract the homeowners will usually tell you what is against the property. Sometimes homeowners honestly don't know what they owe or what is against their property, however, I find that most do.
If you are concerened, wait until the search is done before you proceed. Once you find an investor-friendly title company, they should do a preliminary search for no charge with the understanding that you will give them the deal to close once it is ready.
Many title companies will charge a nominal fee to conduct a 'present owner' search for about $100.
I would suggest that this be done before you prepare your net sheet as part of a short sale proposal.
You can also request that the Seller obtain a copy of his/her credit report. A CR is a good indicator (but certainly should not be considered a substitute) of what might be on title.
Hi sewa,
I wrote a post to assist anyone who wanted to learn to research properties. Here is the link for you:
http://www.thecreativeinvestor.com/ViewTopic3737-7-2.html
Best of luck
John (LV)
Hi Sewa,
Once you have the property under contract, give it to the title company to begin your title search. You can deal with the bank while doing the search or wait. When you put the house under contract the homeowners will usually tell you what is against the property. Sometimes homeowners honestly don't know what they owe or what is against their property, however, I find that most do.
If you are concerened, wait until the search is done before you proceed. Once you find an investor-friendly title company, they should do a preliminary search for no charge with the understanding that you will give them the deal to close once it is ready.
Talk to you Monday.
Dwan