I have begun attending auctions at the local courthouse. Armed with my Bid Deposit, I set out to bid only to discover the home is subject to other liens and mortgages not previously disclosed. The government employees in our county are not very eager to help. I searched the REI site hoping to find information on how to do a title search but could not find anything.
Does anyone know if there is a good, reliable online course or book that I could purchase to help me be able to perform a title search. While I am aware the procedures differ from county to county, I need the info to be as simple and step-by-step as possible. I have an auction I would like to attend on March 19 and need to learn ASAP!
I have not taken an online course but i have ordered material from a web site but I do not remember the name. it is best to learn by doing. The employees at the courthouse are government employees. If they do not help you , you ask to speak to their manager. I assure you they will help you. Mostly alot of the documents are on the computer at the courthouse. Ask them to show you how to navigate through their program an you will be able to find tons of information needed to perform the title search. This is how I learned.
Whats interesting, and what people NEVER tell you, is when you buy a forclosure, the other liens will get paid off…Let me give you an example…We bought a forclosure at a sheriff’s sale…The starting bid was $30,000 and we ended up paying $111,000…The difference was $81,000 and the Trustee will pay off any other outstanding liens…And what is left over, will go the previous owner…Legally, the bank can only keep what is owed to them and no more…What ever is left over, goes to any other liens the property may have…And after they have been paid, the reminder goes to the previous owner…Now, if there is no “overage”, lets say we bought the property, for exactly what was owed, if there is any outstanding liens, we would have to pay them…Hope this helps…