Information on vetting for foreclosure properties

2 Replies

I have been a active home flipper for many years now, but have always been scared to delve much into buying foreclosure properties on the courthouse auctions. Biggest roadblock for me is being able to figure out the best way to vet these properties to make sure there is no hidden liens or anything that would kick my butt after a purchase. I have someone who works at a title agency that say she would help me in a title search but I feel like she would just be doing a casual search because I'm not getting title insurance or anything like that with this search. I've heard a few stories of people getting screwed in these foreclosure properties because they didn't do the research.  Anyone know any sources of information I could get on this subject?

The problem with getting what's known as a Property Information Report is that liability for an error is limited to the amt paid for the report no matter how much you lose relying on it.  Searching and examining title is as much an art as a science and should only be done by those experienced in it and willing and able to absorb the loss if a mistake is made.  I spent thirty years handling title insurance claims and can state with certainty, mistakes can be made by the most experienced searcher/examiner.  I have however, purchased many properties at foreclosure sales after having done my own due diligence.  

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Honestly, its just the basics of doing your hw before you go to the auction. Zillow, prop stream, drive bys, and asking neighbors questions are simple practices. The whole idea of an auction is that you are taking a chance.