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Old 05-12-2008, 01:46 PM
 
265 posts, read 1,086,537 times
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I want to buy a house in short sale but can I check if there are any liens on the property before getting into it? (2nd mortgage, home equity, HOA dues, taxes, etc.)

I know Texas is a Non-Disclosure state but can I at least check deed transfers & see if liens exist (without seeing the amounts)? If so, where?

I have been on bcad and I didn't see any info. on liens.

The seller's agent will only say he believes taxes, etc. were all rolled into the primary mortgage but couldn't say for sure.

Also, does anyone have experience in short sales? Do they usually close down here?

The home I am bidding on is going to foreclose next month if a short sale doesn't happen, or so I am told.
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Old 05-12-2008, 02:02 PM
 
656 posts, read 1,683,297 times
Reputation: 447
Quote:
Originally Posted by motown mary View Post
I want to buy a house in short sale but can I check if there are any liens on the property before getting into it? (2nd mortgage, home equity, HOA dues, taxes, etc.)

I know Texas is a Non-Disclosure state but can I at least check deed transfers & see if liens exist (without seeing the amounts)? If so, where?

I have been on bcad and I didn't see any info. on liens.

The seller's agent will only say he believes taxes, etc. were all rolled into the primary mortgage but couldn't say for sure.

Also, does anyone have experience in short sales? Do they usually close down here?

The home I am bidding on is going to foreclose next month if a short sale doesn't happen, or so I am told.
Bexar County Records

This is what you are looking for

You could always go down to the courthouse and research this stuff also... BCAD will not have it because they are concerned with appraising properties for the taxing entities. Not recording deeds and leins.
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Old 05-12-2008, 02:17 PM
 
Location: San Antonio
4,149 posts, read 9,311,197 times
Reputation: 3308
I've actually done short sales for several properties. My relationship with my title company is such that I can just call them and ask them to run the search for me. Have your agent call their title rep and get it done.
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Old 05-12-2008, 02:36 PM
 
265 posts, read 1,086,537 times
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My realtor did not even know she could find the deed history. don't even get me started.
If someone needed to find this herself (which I think I do), where would I look on that Bexar County records website???? Sorry, I am new to this. Back in Detroit I had competent real estate guidance.
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Old 05-12-2008, 02:41 PM
 
3,468 posts, read 7,738,325 times
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Sorry Mary, but what are you paying her for if you have to do all the work? Things are definitely trickier with short sales, and if you really want this particular house, you need somebody that knows what they're doing. Time and knowledge is critical with shorts. I'd for sure be for getting a new agent if mine didn't know what she was doing........
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Old 05-12-2008, 02:42 PM
 
656 posts, read 1,683,297 times
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Quote:
Originally Posted by motown mary View Post
My realtor did not even know she could find the deed history. don't even get me started.
If someone needed to find this herself (which I think I do), where would I look on that Bexar County records website???? Sorry, I am new to this. Back in Detroit I had competent real estate guidance.
On the right side of the page under Gerry Rickoff's picture is a "Search our Data" section. You will need to create an account. Once logged in you can search deeds, liens, marriage licenses, etc....
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Old 05-12-2008, 03:12 PM
 
1,740 posts, read 5,187,430 times
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Quote:
Originally Posted by smitty12 View Post
On the right side of the page under Gerry Rickoff's picture is a "Search our Data" section. You will need to create an account. Once logged in you can search deeds, liens, marriage licenses, etc....
This offers very valuable information. You might be shocked to find out how easily information is available.
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Old 05-12-2008, 05:18 PM
 
Location: San Antonio
4,149 posts, read 9,311,197 times
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You can do all the searching, but find out from the title company that you're closing with. They'll do a very thorough search.

On short sales, the title company and bank are pulling all the liens on the house. In order to completely release the lien, they need to make sure that everything is paid off. That's the title company's job. You'll get a title commitment from them. All the liens will be in "Schedule C", which your Realtor SHOULD be able to interpret for you. It's a part of the process, so you're actually just doing the work twice by looking it up. When the bank decides whether to accept a short sale, they'll look at the mortgage owed and all the liens (taxes, etc) and figure out the payoff on them. Then they'll decide if it costs them more to foreclose on the property or more to accept a short sale bid. Whichever is less is what they'll pursue.

Short sales take a long time in most cases, so be patient. They're definitely not for the faint of heart and many Realtor's don't know the ins and outs of them. I know that I don't actively pursue them with my clients because more times than not, they end up being more trouble than they're worth. However, I've found myself in the middle of them after we've already contracted on a home and have had to work through them.

It's very possible to get them done, but takes a TON of work. Mostly on the listing agent's side. You'll just have to know going in that you'll need to be patient and you most likely won't close by your closing date. It'll probably have to be extended. Not always the case, but the bank loss mitigation depts are REALLY backed up right now.
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Old 05-12-2008, 05:47 PM
 
265 posts, read 1,086,537 times
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We are adding to the contract that if the bank takes longer than 3 weeks to respond we can rescind without losing our earnest money.
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Old 05-12-2008, 06:14 PM
 
Location: Charleston, SC
5,615 posts, read 12,802,153 times
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That's a good call. On the house I'm buying I was given paperwork from the title company with all the loans ever taken out on the place that aren't paid off and what I think are their original amount. I'm going to go have fun on the link posted to see what other stuff I can dig up!
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