Dallas-Fort Worth Real Estate Investor Club

Potential Title Problems when buying foreclosures at Courthouse

  • 16 Sep 2016 7:06 PM
    Quote
    Message # 4253909
    Deleted user

    I am considering trying to buy foreclosed homes from the court house steps. Can someone educate me on the potential problems with the title that can be encountered when acquiring properties in this way?

    Is there a way to minimize the risk of legal entanglements with the title?

    What is the expected cost for a preliminary title search?

    Is a preliminary title search the only way to get this information, or are there other online resources that can be just as effective?

    Thanks,

    Nick Ardoyno

    817-239-1433
  • 19 Sep 2016 9:06 AM
    Quote
    Reply # 4257258 on 4253909
    Milton Colegrove

    Most title companies will do a run for you for about $175 to $200. It is important that you not only provide them with the property address but as much information on the person you believe is on title as you can possibly find. Abstract of Judgments, IRS liens and others are filed against an individual, not the real estate. 

    You can find some of this information on the county clerk's website but I would recommend you have the search done by a title company. 
  • 19 Sep 2016 10:22 AM
    Quote
    Reply # 4257453 on 4253909
    Deleted user

    Nick,

    This may be a complete waste of money.  Many homes get struck off the list hours before auction.  So you just wasted a couple hundred dollars.  I currently buy on the courthouse and run title search myself.  Keep in mind I'm not perfect and have been forced to keep a property as a rental because I did not catch a fault in title.
Powered by Wild Apricot Membership Software