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Norman Bamford
  • Flipper
  • Sullivan, ME
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title insurance problems

Norman Bamford
  • Flipper
  • Sullivan, ME
Posted Jul 18 2017, 08:06

Ok So I finally took the plunge and bought my first flip. I have bought and renovated houses before but this was the first time that it was an intentional flip. I had my eye on this house for years and inquired many times from the town about owner ship of which they said they had no clue... well it turned out the town had owner ship and put it up for auction for tax liens. I was the only bidder in a sealed bid and way over bid lol but i didnt want to lose the house. I got it for 25k and it took 30k to renovate and is breath taking i had the house sold even before i bid on it and we officially went under contract last month i set the buyer up with RMS Mortgage because i have always had such an easy time purchasing houses through them. all was going smoothly until the title search showed it was tax acquired and apparently in Maine they have 15 years to come back to protest which is so wierd. so i looked up options and research lead to find out i could ask former owner to give me a quit claim deed. basically the conversation would go ( hey guess what you could claim to have your house back would please let me have it instead and take time from work to follow me to the notary please?) or file a quite claim which could be expensive and very time consuming so i researched and found tax title services and they came recommended from here. and the title guy i had here would not accept there validation and so i went with the partner company boston title but now RMS says they dont have any one who would accept insurance from these guys has any one else run into this?

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