Title Headaches

Many times distressed properties come with title issues because of the seller’s financial situation resulting in a variety of deficiencies. It is critical that a buyer research and discover all of the outstanding issues impacting a successful transfer of title.

  • A buyer’s closing attorney can order a title search done on the property as well as take other measures to uncover deficiencies. An “upfront fee” may be charged in case the transaction never results in an actual sale/closing due to extraordinary title issues and the buyer deciding to walk away from the transaction.
  • For all practical purposes, the sale is “as is” with no warranty and no recourse against the seller of a distressed property.
  • Title defects are very likely when dealing with a distressed property.
  • Also keep in mind, if the property is a condo or in a planned community, the Homeowners Association (HOA) itself may be in a distressed situation.

What seemed to look like a great deal can sometimes turn into a great headache for a buyer!

If talking with a seller directly, watch out for red flags.

Let a professional, experienced in short sale properties, assist you throughout the entire process.

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