Pre-Title Search
I'm going to the tax foreclosure sale in my county, Michigan. In Michigan tax lien sales have been eliminated and the sales are now on the properties foreclosed on already by the local clerk or treasuer. I plan to purchase my first properties. I have a list of about 10 properties I'm interested in and will probably buy a couple. How can I conduct a search to see if any liens or judgements have been filed since the foreclosure? I've emailed a few title companies about a last owner search or lien, mortgage, judgement search but I havent gotten any informative answers or prices. Can I conduct this myself?
[ Edited by DetDre313 on Date 11/01/2003 ]
A reputable title comapny will do a search for you -usually for free if they know you will get give them the T.I. business. Try calling and talking to one instead of an email.
If they want to charge for the search - it may be worth it.
Gregg
[addsig]
you can do a search, don't know why, but you can. what ever the propery sells for, taxes will get paid and the rest will go to the bank. who ever is in second, third, etc, will get what then can if any thing is left over.
DetDree 313
In view of this being your first time. I suggest you obtain at least a preliminary Title Report on all properties on which you intend to bid. These will include maps of the properties and match them with great care to the descriptions on the sale list.
Now don't laugh. Go look at all the properties you intend to bid on. I mean look. Just lots or developed properties. If undeveloped you might enquire how come and in developed properties you might also enquire of the neighbors any special circumstances etc. etc. Sniff the Wind.
You might also kick the wall on each house. Any that kick back, eliminate from your bid list.
Enjoy yourself and watch everybody really carefully. You might take the names of those who conduct the sale and perhaps at your leasure buy them a drink or lunch or whatever after sale. Now that is a friendship that may be worth while.
Pontificating Lucius
Well there are two pure stategies. One is to bid with the intent of getting title to the property. The other is to bid on a property for the return on investment.
Lufos gives good advice (dang the man is a bottomless reserrvoir of knowledge ). Take the time to see what you're going ot bid on. Many years ago, I bid on a prime residental tract -sight unseen. When I got title, I went out to see the property. It was beautiful. The only problem was that a hugh electrical transmission tower stood in the middle of the property! Worthless.