All Forum Posts by: Jerry Poon

@Account Closed

I don't know the details on the taxes. All I know is that it is not ready to be bought with a clean title. Apparently the back taxes go back more than a decade. That's how messed up the paperwork is on this property haha.

 Oh crap. I forgot to mention that this was in Indiana, not California. So the issue is that I think the lender is requiring title insurance on the property. In order for that to happen, the title must be clear of all previous liens and judgments. The seller acquired these properties along with their previous liens and judgments, which happens to be backtaxes. I am guessing that the previous owners all paid cash in their exchanges without getting title insurance or any of that formal stuff, thus ignoring the requirement for cleaning the title. In this case, it is preventing the sale because of my lender's requirements. And no, I am not completely understanding this situation, which is why I am posting on here to try and find more answers. That summary right there is what I know so far, pieced together from what my lender, title company, realtor, and seller have told me.

As for possible solutions, they are suggesting me to get something called "quiet title", which, unfortunately, can take a while in this area to complete. Another solution is to drop it all together, but it is a good property, so I don't want to do that without exhausting all my options.

 I appreciate the honesty. Do you have investment properties in Georgia?

@Todd McLochlin

That sounds about right. I think the previous owners all paid cash to the seller. I'm probably the first one going through with a loan.

Would you be open to looking up California titles or other state titles for a fee?

@Todd McLochlin

I am not sure how much they owe, but I was told that this was from many years ago, probably more than a decade. The title company said that the seller acquired these properties, along with the liens and judgments through the quitclaim, and because I am the first in the chain of many sellers to buy this how to require title insurance, this issue is surfacing for me. But that is a good suggestion. I'll see if I can go and pay the back taxes to try to clear it up. It is quite a good house so I really want it. I like that policy of yours. It could have prevented this whole mess for me. How much are your limited title costs?

@Wayne Brooks

Good points all around. It's not worth the aggravation for me to track down a culprit anymore. For the next time around, can you tell me how to order a quick title to glance through? What should I look for to prevent things like this happening again?

@George Allen

The thing is, no one is taking responsibility because the taxes that were due were due many many years ago. The seller is also saying that he is in a long chain of previous sellers. I really don't understand how this property could have changed so many hands without this problem arising. But he seemed convicted that this was the case, so I really don't know who to believe anymore. This problem seemed to have gone past the lender, initial title people, and gotten all the way to just a few days before closing. At this point, I understand as much as you do.

 Agreed 100%

 Only appraisals costs at this point. I am not sure how much my broker is getting and that is a great suggestion. I will try to negotiate some of that money back. Thank you!

Anyone?

I am closing on a package of SF homes on 8/24. The title company calls me today and says that one of the properties is not able to be sold to me because the seller acquired the property through a quitclaim deed, which means they acquired the liens and judgments along with the property. A previous owner did not pay property taxes, and this is not showing up because I will be the first to get title insurance on this.

As a result, I am not able to purchase this house. This is after I paid for the appraisals, and after months of waiting on the lender, appraisers, and title company to complete everything. I am very upset that this is only showing up last minute. Who's responsibility is this? Can't the realtor who sold me this property have done their due diligence to make sure they own this free and clear? Or the title company to tell me sooner than four days before closing? I could have easily chosen a different property months ago to meet my goals. Now I feel like I am being screwed out of a house. Is there anything I can do?

look up local general contractors