Title Problems AGAIN!
I have contracted on three foreclosure properties over the past couple of months and I have found out how hard it can be to close. I have come to realize that lazy people rule the general real estate market. I find this very encouraging for people like me because with hard work we are bound to succeed.
I have currently contracted a foreclosure property owned by Wells Fargo. First of all I almost never got my offer in to the seller because the realtor waiting on other offers from her own people. After I finally get it under contract my lenders title attorney tells me there is an open lien on the property. I found out that New Century did not do their job before they sold the paper to Wells Fargo and the lien never got released. Now the seller is willing to provide some sort of title insurance to my new lender but how is that good for me? I could be eating dinner and get a call from a collector wanting the cash. Or I could try and sell the property and find out that the new buyers will not be able to secure financing.
I buy 99% of my properties from Banks and from HUD. I have ALWAYS had problem with the properties after I bought them when I used the Seller's title company. I now use my own title company and have had no problems.
These properties are hard to close in some cases. Just hang in there and let the process work. I always pay cash so the problems work themselves out. By the time I either resell or refinance I have everything taken care of.
The lien will be worked out in time.
Hang in there, it can only get better
Lori
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