Conduct the Wholesale Property Title Search Properly to Ensure Profitability!
As a real estate investor, the last thing you want is get time and money tangled up in discovering exactly who owns a property you're interested in. Prevent all this hassle by conducting title searches the right way every time.
New Table of Contents
Conducting Title Searches for Wholesale Real Estate Properties
Get Title Searches Done Right the First Time and Every Time!
Once you have the wholesale property under contract, complete the affidavit of memorandum of contract and take it to your country clerk's office. Do this immediately! Depending on the state, this document will have to be notarized. Often, if it's not notarized, it can't be recorded. Be sure to get yourself a certified copy of the memorandum once it's recorded and put it in your records.Once you have the memorandum, fax a copy of it and the contract to the title company. This alerts them to the fact that you now have a contract and it's publicly recorded. From this information, the title company will open title and begin a search of the records.
In my experience, if a title company is fast, they'll get the information back to you within a week (or even sooner if you push them). It all depends on what kind of liens or judgments have been levied against the seller or the property. Naturally, if a property is pretty clean, the title search information comes back to you quickly. If it's not and it has a long and complicated history, it can take more than 30 days.
In general, title companies work in the following manner in my area (they may operate differently in your area):
They search for any liens against the property.
Then they search for the sellers
They check to see if there any judgments against the seller.
They will go back to the previous seller if the seller you're buying it from hasn't owned the house for at least ten years.
They keep searching until they get at least ten years of "chain of title."
This can get complicated, as you might expect. For example, assume you're working with a seller who's had the house for two years and bought it from a previous seller. When the previous seller bought it, he had a judgment against him. Because of that fact, the title company won't give you clear title until you can track down the previous seller and get a release for that judgment. So, just because the current seller has a current clear title doesn't mean that the title is clear. The title companies have to look at the entire history of the property for at least ten years back.
Want to find wholesale properties and neighborhoods the easiest way possible? Go to www.Dodeals.com!
Virtual Vesting - Tim Mai donates $1 for simply signing up
http://tinyurl.com/virtualvesting Click here to help raise $30,000 to the Fuller Center for Housing charity simply by watching the whole video and signing up. Tim Mai will donate $1 to the Fuller Center for each signup. No need to donate anything. Learn also how You can find, flip and make a fortune in real estate on the internet using virtual assistants through Virtual Vesting
Runtime: 9:11
653 views
2 Comments:
Bookmark Me....
Resources
- "Wholesale Any Deal's in 3 Da'ys"
- Get Instant Access to Over 172 Wholesale Lead's and 'Pre-Pre' Foreclosures Lead's...
- Secrets To Pre Foreclosure Profits by Tim Mai
- In the real estate market, knowledge is definitely power-and the secret to profits!
- America's Most Trusted Source For Deep-Discount Bargain-Priced Properties
- "Discover How an Under the Radar List
of Bargain-Priced Properties is
Helping Real Estate Investors Land
Deals in 30 days or Less... - Wholesale Property Seller's Lowest Price by Tim Mai
- In this article, Tim Mai gives you proven techniques for obtaining the lowest price possible from owners of wholesale properties. These techniques add up to great profits!
Social Bookmarking
Tim Mai's Profile
Connect with Me!
I update this lens regularly. If you like the content you can keep yourself updated by:
Now I can send you casts when there is something new and you don't miss a thing!
Now I can send you casts when there is something new and you don't miss a thing!
New Guestbook
Like this lens? Want to share your feedback, or just give a thumbs up? Be the first to submit a blurb!
by Tim_Mai
Deadly Mistake #2 That Drive 97% of Real Estate Investors Out of Business... (more)
