Title Search for Foreclosure Auctions

[Hao Liu]

Almost all people stress the importance of title searches. I wonder how is it possible? In my place (Oklahoma City area), I go to 3 counties' sheriff sales. In each month I look at around 200 homes, bid on 100 of them (most of my bids are lowball and have little chance) and won 1 or 2 on average. 

I can probably gain $30K equity for each property I won. But if I do title searches for all 200 properties, it would cost me $100K and it is ridiculous. Even if I only do those 100 homes that I actually bid on, the cost is still $50K and would eat out any profit. 

So what did I miss here?

[Wayne Brooks]

You can typically get online title searches for $50 or so, not $500.  You can also learn to do at least 90% of it yourself, or just roll the dice.  If you have to put down a 5% deposit or so,  you can do some searching yourself before you have to pay the whole amount.