Make sure your agreement of sale states that the seller will provide clean, insurable title at normal rates and any deposit/earnest money is returnable if the seller cannot. It’s a standard part of the Realtor’s contract where I do business and I make sure it is in all my contracts also. . I don’t know about you, but here in South Jersey we use Title Companies for closing. The Title Company does the searches and will not ensure an encumbered title.
If the Title Company insures the property, don’t worry, be happy. If title problems arise later, that’s what the insurance is for.
“intolerance has the largest number of foreclosures in the county” Did you mean Colerain, I just want to clarify because I have lived here all of my life and have never heard of intolerance. And if it truly is called intolerance I need to hit the bricks a lot harder.
I also appreciate the input. Does the court index only show the foreclosures coming up in the next couple of weeks or does it show when the foreclosures are originally filed? I know how to navigate the hcso, auditor, clerk of courts, and recorders websites but have you been able to find any way to locate the foreclosure filings? It would be nice to get a little bit of a jump. I would like to see the file you have compiled on Armstrong, the best way to learn is by watching the biggest best players. My email address is in my Forum profile.
Mike, I appreciate the input and the only thing I have to say is my reason for targeting REO’s after they have been to sale is because they have already gone to sale. I always get a title search done on any property I buy, but my understanding is that once they go through SS then all liens and blemishes on the titles are no longer valid and the title is clean. I like knowing that the title is completely clean before I put anymore money into it. IF I am wrong let me know.
FDJake,
I completely understand and relate to what you said about the outside looking in. I wasn’t born yesterday and I know people take care of their own. I do have a real estate attorney, but he does not work in their foreclosure department, but I am sure someone in his office does so I will be sure to put a voice in his ear. However I am not big enough to need the services of every real estate attorney in Cincinnati so my question is of a practical nature. With the latest boom in the number of foreclosures these attorney are getting hammered. Therefore they do not have time to talk to a cold call nor reply to a sales letter. In your experience what have been some of the best ways to get a foot in the door with these guys?
“highest and best offer” is a popular scam run by listing agents. When a buyers agent presents an offer, more frquently than not, the listing agent informs them that there is another offer on the table. In the old days everyone would get counteroffers. Now, the listing agent calls the buyers agent and asks for a “final and best offer”. Usually there is not even another offer on the table.
I bought a property last year here in San Antonio and ran into this for the first time. I didnt Up my offer amount but somehow mysteriously got the deal. I’ve heard of agents trying to pull this all the time now. They are also getting caught with their pants down, saying there are multiple offers then we see the home still active on MLS for months.
Rule#1, never trust a realtor if you are an investor. Its all a game.
Sorry for the mixup. I meant Colerain has the largest number of foreclosures in the county.
I will send you a copy of the Armstrong analysis that I created and by all means please verify the data by typing in the address in the auditor’s page.
As far as your comment on that “my understanding is that once they go through SS then all liens and blemishes on the titles are no longer valid and the title is clean. I like knowing that the title is completely clean before I put anymore money into it. IF I am wrong let me know.”, this isn’t entirely true.
Right now I have a property under contract to purchase that is REO property. The thing is that I have had this property under contract since around the 26th of December. The reason that we haven’t been able to close yet is because the title that the bank has is “defective”. The person that bought it before them also had a defective title so when it was transferred to the bank at the SS somehow it still was defective. So they therefore don’t have a clean/clear title after SS.
The court index shows both future and historical data. So therefore you can find information regarding future foreclosure sales as well as what a property sold back to a bank for. You can also use it look up potential tenants (could use hamilton county clerk of courts also for this).
I know that this is sort of a vague explanation, but I plan on definitely following up with the title company to ask how this is even possible because i also thought that.