Who Owns This House?
My realtor showed me a house today that is listed in foreclosure. They have dropped the price drastically to move it and it looks like a good deal. She says the owner is anxious to sell before he is forclosed on. The house has only been listed since 1/17/04. When I checked with the tax accessors office they told me that it was bank owned and show that the bank paid the taxes on 2/4/04. So who really ownes this house?
I think I would ask the realtor that. YOu could of course go to the courthouse and find out for yourself.
Actually the court house is not always right in these situations, If the house has been taken over by the bank within the last month, The bank is probably going through the channels to notify anyone who had a lien, judgement, ect on the property that usually takes about 4 to 6 weeks. In this case I would order a current owner search on the peoperty, the company will be able to tell who owns it and if the banks deed has been recorded or is being held in escrow.
Lori
_________________
real estate investor since 1988. I like to find creative solutions for my real estate headaches before they become problems. Most importantly, MOVEMENT DOES NOT EQUAL PRODUCTIVITY[ Edited by tinman1755 on Date 02/12/2004 ]
How do I go about ordering a current owner search? Thanks!
lauralee,
I would think a title insurance company could do that for you.
Unless the real estate broker was duped... he/she should know who his/her Client is. It doesn't sound like a bank owned property to me. If the property is in or close to foreclosure, it's still owned by the mortgagor.
However, it's possible that somebody got creative, has a contract to purchase a bank REO, and is trying to sell it as a contract purchaser. He is using the phrase 'foreclosure' to create a sense of urgency...
It may be that the mortgage company paid the real estate taxes just to prevent a tax lien from being slapped on which might have pushed their lien into second position.
A seller wants to sell her house at a greatly reduced price. She paid off several liens years ago, and has receipts showing that the liens were paid in full, however the lender failed to send in lien releases to the courthouse, and the courthouse records still show that there is a lien on her property. To complicate things, the lender has since gone out of business. There is no record of these liens on her abstract, and I am not sure whether there should be. The question: Is there a simple way out of this situation other than the potential $900.00 + related costs that an attorney quoted her today for going through complicated legal channels? She's getting discouraged and thinking about taking the property off the market if this is going to cost her that much money just to clear the title. [ Edited by Barbii on Date 02/13/2004 ]
Reasons: The naughty bank took a deed in lieu of foreclosure.
The Bank paid the taxes and the receipt is shown. Bank just adds the amount advanced to the amount due on sale.
Call the Title Company. No do the goody thing. Have the Broker call the Title Co. on his nickel just to check his listing.
Why are you talking to us, get your offer in right away. Sounds like a good deal.
Go for it. Lucius