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Forums » General Foreclosure & Pre-Foreclosure Forums » Title search for properties at Sheriff sale

Title search for properties at Sheriff sale

10 posts by 5 users

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· Washington, Michigan


I'm new to REI and have been attending the weekly Sheriff sales to get a feel of how they work. There are actually properties in my area that would be worth buying. Other than a title seach to check for liens or a second mortgage is there anything else that should be researched prior to bidding.

Also has anyone tried an online title search company like titlesearch.com?



Real Estate Investor · Audubon, Pennsylvania


Start reading here:
http://www.biggerpockets.com/forums/41/topics/68977-foreclosure-auction-sheriff-sale-and-trustee-sale-faq


Steve Babiak, Redeeming Properties, LLC
Telephone: 6109082183
...


· Washington, Michigan


Thanks Steve!! Looks I have some reading to do.



Real Estate Investor · Dublin, Ohio


Originally posted by Adam Demchik:

Also has anyone tried an online title search company like titlesearch.com?

Me three times and it was successful without any problems.

-Uwe



Foreclosure Specialist · Miami, Florida


I would recommend checking the status of the property taxes to see if they are paid.

Knowing the current loan balance will help you get a feel for what the auction price is looking to cover since lenders will bid here too.

It is also a good idea to drive-by the properties (which I am sure you have done) to see if there is anyone living in the home. The house may come with tenants or squatters.


Simon Campbell, Bankforeclosuressale.com
Website: http://www.bankforeclosuressale.com/


· Washington, Michigan


Thanks all. I did some digging at my local county office and found that I can do the title search online and property tax check online (both for a fee of about $150 per month). I am assuming going into each property that it will have tenants living there and plan on offering a cash for keys proposal.



Foreclosure Specialist · Miami, Florida


Viewing the property is only going to tell you if it is inhabited. It could be the property owner, tenants or even squatters. If it is a tenant and they have a current lease, you will be assuming that lease as it runs with the property. Squatters will require a legal eviction notice and/or cash for keys.

If it is the owner, then you need to find out about the redemption period. During this time, you will not be able to legally evict the owner and they do not have to pay you a dime (well unless they redeem the property).


Simon Campbell, Bankforeclosuressale.com
Website: http://www.bankforeclosuressale.com/


· Washington, Michigan


Thanks Simon. With regards to the redmeption period, is there a way to find out what it is prior to the auction?



· West Palm Beach, Florida


Talk to a real estate attorney. If you don't know about the redemption periods, there's surely other potential traps you don't know about either.



Foreclosure Specialist · Miami, Florida


Originally posted by Adam Demchik:
Thanks Simon. With regards to the redmeption period, is there a way to find out what it is prior to the auction?

A simple answer would be to do a search online for "property redemption period and" your state name. You can also check at the county courthouse.

This time period starts from the sale date and can extend anywhere from 10 days (New Jersey) to almost two years (Tennessee). In Michigan, for example, the redemption period is six months for most residential properties, 30 days if the property is abandoned, and a year for any parcels of property 3 acres or larger or any original mortgage that has been more than 50 percent paid off. Not all states, however, have a redemption period. You will need to check with your state to find out how long the redemption period is if it was a judicial or non-judicial foreclosure.

Here is another resource: http://www.nolo.com/legal-encyclopedia/free-books/foreclosure-book/chapter11-1.html


Simon Campbell, Bankforeclosuressale.com
Website: http://www.bankforeclosuressale.com/




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