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Bank owned bob lachance chris bowes debt negotiating foreclosure auction foreclosure class foreclosure course foreclosure mortgage foreclosure property foreclosure training foreclosures investing in real estate loss mitigation patrick precourt Preforeclosure Real Estate real estate foreclosure investing real estate investing real estate investing beginner real estate investment real estate investors real estate short sales REO short sale mortgage short sale training Short Sales
On this week’s Preforeclosure Daily Grind Tip of the Week we cover how to track down an old lien that has not yet been released from a homeowner’s property. This is a huge deal when you are trying to close a real estate short sale transaction because if you do not have clear title then you have no deal! Listen in as we cover why doing a title search at the beginning of your short sale transaction is a must, how to deal with a veteran loss mitigator, what “Quit Title” is and how lenders use it to get you paid and much more!
I have been involved with unreleased title items on about a dozen deals.
The worst one was over 20 years old and had been missed on 2 previous titles and transfers of the property.
We did get it done.
And we always get a quick title search or short report for the short sale properties we work on.
I always try to get a good loss mitigator talking. It is amazing the things they will tell you if they like you. The best way to have them like you is to listen!
Bob & Chris…That was very helpful. I have not come across that, yet.
We too, always get a pencil search performed for every property that we negotiate. We like our Prelim HUD’s to be as close to the final HUD as possible. Doing this makes sure that things get easier as we get closer to closing instead of more difficult. Most importantly, it alsomakes sure that there are no challenges with us collecting our Loss Mit fee which we call a “Title/Lien Clearing” fee.
DearJack,
I love the idea of calling your fee a “Title Lien Clearing Fee!” what line do you put that on the HUD? Buyer of Seller side? Are you using the seller concession to pay it? Does this work when new buyer is getting an FHA loan? THanks, Deirdre