Property under contract

Buying & Selling Real Estate
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Property under contract

Neomi Riley
Investor · Indianapolis, IN · Member since 2014 · 128 posts · 12 votes

Hello,  I am in the process of getting a property under contract, however the seller has indicated that he is working out some details with his title company.  Since this will be my first property under contract, I am not sure what he means...any ideas on what the possibilities may be?  

Thanks. 

Neomi

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  • Shawn McenteerBusiness Member
    Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes
    11y

    Are you buying it or are you referring to a wholesale deal?  If you are buying you should run a title search yourself to find out whats up.  If this is wholesale deal I don't know if it is proper procedure for you or your end buyer to run title, but someone should.

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  • Robert Laird
    Real Estate Broker · Portland, OR · Member since 2014 · 292 posts · 114 votes
    11y

    I agree with Shawn. You should try and pull a title report to make sure the person you think is the seller is the owner on title. 

    Complications with title can mean multiple things. We have gotten property leads where the title was being corrected due to a couple getting a divorce. Another property we were getting under contract had been foreclosed on. So the title was still in the forclosed owners name, and they had to finish the foreclosure process before we could buy it from the original owners. If the seller still needs to work out details with the title company I would definitely put that property on your back burner and keep looking for more while he sorts that out. 

    Hope this helps!

    Rob

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