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We are paying all cash for a foreclosure. This is our first foreclosure purchase so I'm nervous. The house is owned by Chase/Wamu however the property appraiser's site still shows the prior owner listed (which could just mean it hasn't been updated yet). We were told when we made our offer that we were required to use the bank's title company and that they would pay the cost of title insurance. Is this normal? Everything else about this seems perfectly normal. For example, we bumped into the guy taking care of the pool and he told us he had to put a bid in to the bank to get the job. I am just afraid because we won't have our own title search done, but if it's normal and that's just the way things are done, I'll relax.
Nothing is stopping you from having your own search done and getting your own title policy. There's no way I'd buy a foreclosure without my own due diligence. No greaking way.
In Florida, the person paying for the title insurance usually picks the title agency but not always. The search will be fine and impartial. But you could always order your own search if you doubt that.
It's not unusual here to not have the property appriaser's site up to date.
If you have doubts or questions, talk to your agent or attorney. They will provide much help and answer questions as they relate to your State laws.
I'm in Florida so I know about appraiser sites not being up to date! As for my agent....we're using the listing agent. We weren't looking for a foreclosure at the time (in fact we're buying another house to live in), but happened upon this listing because it was such a great deal and called the listing agent directly. (I know this is sounding flakier and flakier...) I know the title company has been in touch with the HOA because they gave they gave the president our name and number. The HUD sheet looks about right too - it shows them paying off the HOA, the city for code violations, etc. I also know we couldn't close earlier because the realtor had to go to court to have a judge reduce a code violation from $30,000 (a landscape issue added up at $50 a day). I imagine if this was all an elaborate scam, they would have wanted to close as soon as they could. I still think I'm going to call Chase on Monday and try to find someone who can confirm they own the house.
I'm in Florida so I know about appraiser sites not being up to date! As for my agent....we're using the listing agent. We weren't looking for a foreclosure at the time (in fact we're buying another house to live in), but happened upon this listing because it was such a great deal and called the listing agent directly. (I know this is sounding flakier and flakier...) I know the title company has been in touch with the HOA because they gave they gave the president our name and number. The HUD sheet looks about right too - it shows them paying off the HOA, the city for code violations, etc. I also know we couldn't close earlier because the realtor had to go to court to have a judge reduce a code violation from $30,000 (a landscape issue added up at $50 a day). I imagine if this was all an elaborate scam, they would have wanted to close as soon as they could. I still think I'm going to call Chase on Monday and try to find someone who can confirm they own the house.
You should have no problem getting a clear title and title insurance.
Check the county clerks website for the foreclosure record itself. That will show you if the property foreclosed.
You should have no problem getting a clear title and title insurance.
Check the county clerks website for the foreclosure record itself. That will show you if the property foreclosed.
Good luck with your new home.
Brilliant! It's there - I feel MUCH better now. Thank you!! And gosh, the bank got title in March of 2008. At this rate, the foreclosure mess is going to last a decade.
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