Property under contract

2 Replies

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

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.

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