I am doing some due diligence on a property. Just thought I might get some opinions. I am looking at a property that sold for 10,000 in 2008 and the current owner purchased for $0.00 (Acorrding to county records). Asking price is 39,000. Owner states house has no major issues currently (will be getting appraisal and inspection) only,cosmetic repairs may be needed. Currently has tenants but will be moving by the end of the month. Owner wants 10,000 down on land contract. I will have 13,000 in funds available without borrowing money. (Tryon to avoid borrowing on my first deal) Just curious what others may do in this situation.
First step is a title search. Secondly, the danger with a land contract is the seller can incur all kinds of liens/judgments against the property before you finish your “contract”, blowing the whole deal up..
Is a title search as simple as approaching a title company to reseach the title? Or is that something I can do on my own?
Updated almost 3 years ago