closing with a cloud on the title

[Rich Hupper]

I often see many wholesale websites and investors in general say they will make an owner an offer within 48 hours of seeing the property and can close in 7 days. I know people out there are very good at estimating rehab costs. But what about title issues and the costs to fix those. Do these quick close cash investors take clouds on title into consideration with their 48 hour offers? 

I know title issues can be fixed in land court but at a great cost depending on what it is. Do any investors on this forum buy property with clouds on the title just to beat out their competitors? Thanks for your input.

[Tom Gimer]

@Steve McGovern Different issue...  a power of attorney missing from the chain is not even close to the same problem as a missing assignment.

Of course all the facts haven't been shared here (and this is not a state-specific response) but it sounds like the problematic deed can be re-recorded after being executed by a person with the appropriate authority, or by the recording of the missing POA. I would start that process immediately so owners coverage is available on the acquisition.