Pre-foreclose
If the property is purchased from the home owner before it hits the courthouse steps, are any liens above the first still active.
If the property is purchased from the home owner before it hits the courthouse steps, are any liens above the first still active.
chech with your local gov. re agency they will be able to help you.............km
yes if they are not included in your purchase price.
So no matter what I have to do a titile search even in pre-foreclosure before making the offer.
No you don't have to do a title search but if you want the upper hand in negoitation, you'll learn how to do it yourself for free.
Knowing what the seller has in the property will help you structure a better offer to them.
Go to your county office to check for all lliens and more importantly get a letter from the owner to the bank allowing you to speak on there behalf. You will find the final payout is never what the owner thinks.. Once you feel comfortable with your purchase price and your homework, I would always send it through the title company during your option. This is where it helps to have a friend on the other side. Let the title company know you are an investor and are ready to do your business with them. It is not uncommon for them to run the search at no cost. (that will depend on how smooth you are) You will have your answer to the lien question at this time.. Do not bypass these steps when buying a pre-foreclosure.
Great advice I am going to do every step needed to make an iron clad offer. I am investing in Puerto Rico and to my knowlege we don't have title companies. Under what other name would it be under?