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The Beginner’s Guide to Title Searches
Contents
Introduction ..……………………..1
Title Searches…………......……..2
Contact Info…………………………3
It is often recommended that you run a title search on foreclosed homes for sale during the process of inspecting and gathering information about the property. Maybe no one has taken the time to explain to you exactly what “running a title search” means. This process, while not absolutely necessary, could save you from having to pay some nasty surprise expenses.
[Volume 1, Issue 5]
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You might be thinking, “Why should I run a title search if it’s not something I have to do. I don’t want to have to pay money out my own pocket on something that isn’t necessary!” The truth is, the cost of running a title search on real estate foreclosures could pale in comparison to what you might pay if you don’t. This guide will explain to you why running a title search is important:
What’s does that mean?
For more terms and definitions, check out ForeclosureDeals.com’s glossary page: http://www.foreclosuredeals.com/Glossary.php
Debts and liens: The previous homeowners of some foreclosures for sale may have borrowed money against their homes that they never paid back prior their houses going into foreclosure. Buying foreclosed homes that do not have clean titles may mean you’ll become responsible for paying these. This is the first and foremost reason why it is important to run a title search.
Tax lien foreclosures: Tax lien foreclosures are government foreclosed homes that went into foreclosure when the homeowner failed to pay their real estate property taxes. While government foreclosure listings are plentiful, it is possible you could inherit the previous owner’s tax debts. Make sure you inquire into this when looking into tax lien foreclosure homes.
Property assessments: If you are looking into buying foreclosures as an investment, you probably plan to repair and resell or rent out home foreclosures for a profit. It’s possible that a federal survey placed restrictions on the house, such as for water usage or development, that could be a potential foil to any plans you may have.
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Want to know more about title searches? This blog entry may give you a clearer understanding: http://www.foreclosuredeals.com/what-is-a-title-search.php
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Ideally you want a home with a clean title, but if a title search comes back with some debts or liens, that doesn’t necessarily make it a lost cause. The cost of paying these debts in addition to the house and any other expenses can still be quite less than a similar home at market value. Take this into consideration when you are calculating your maximum offer on foreclosed homes.
