[aardogfsu]

In the past I just had my agent take care of everything, all I did was transfer money and sign my name. My agent is out of town for a while and someone threw me a tip that there's a seller looking to get out without having his credit destroyed via a foreclosure.

So what do I do?

Ring door bell, say, "hey..I'll pay off what you owe, give me the title?"

Go down to some office somewhere?

What else is involved?

Any advice is appreciated...

[ddrhazy]

Is your purchase price going to cover what is left on his mortgage?

[aardogfsu]

yes, but I think the benefit of me walking into the situation saves his credit, right?

[MollieW]

You had better make sure there are no other liens on the property such as a second or a mechanics lien

[MSchu]

for sure liens or encumbrances is the main issue... a lot of these folks had seconds and thirds and fourths and fifths, you get the idea.

if you do make a market offer, contingent on other factors checking out is critical.

[ddrhazy]

You can look up lien information if you have the parcel #.

https://recorder.co.clark.nv.us/RecorderEcommerce/

I once had a house where a new lien came through the pipeline right before closing and it messed up the purchase. If your purchase price does not cover mortgage+liens owed you or the seller will have to make up the difference.

[MSchu]

here ya go agro... Howard Ledders Home is for sale right now!

99 HAWK RIDGE Dr



paid 15, for sale for 9

[BBMW]

Even if you make a deal to buy the house, there's still the rest of the normal process to do the transaction, like a contract, title search and insurance, etc. I know in Vegas brokers do a lot of the work that here in Backeastland is done by lawyers. But if you don't have a broker in the deal, you probably do need a lawyer in the transaction.

[ScoopLV]

Originally Posted by BBMW

Even if you make a deal to buy the house, there's still the rest of the normal process to do the transaction, like a contract, title search and insurance, etc. I know in Vegas brokers do a lot of the work that here in Backeastland is done by lawyers. But if you don't have a broker in the deal, you probably do need a lawyer in the transaction.

Waste of money if you ask me. The title and escrow company handles all of that anyway.

The surest sign that someone hails from "back east" is their insistence that they get attorneys involved in a simple real estate transaction.

I would just hire a transaction coordinator from one of the real estate groups, and then go with a well-known title company. The transaction coordinator can recommend a good one.

[lvoc]

Originally Posted by ScoopLV

Waste of money if you ask me. The title and escrow company handles all of that anyway.

The surest sign that someone hails from "back east" is their insistence that they get attorneys involved in a simple real estate transaction.

I would just hire a transaction coordinator from one of the real estate groups, and then go with a well-known title company. The transaction coordinator can recommend a good one.

Generally cannot hire a transaction coordinator. Most are not licensed and many are direct employees of the brokerage. You can find an agent who will do it for 1 or 1.5%. You can also do it yourself. Just run down a contract available from lots of places and fill it out and take it to an escrow company. They will take care of liens and getting everything paid off. Seller needs to complete an SRPD and provide the HOA documents if there is one. Again there is a form. Just use one of the bigger escrow companies and you will be fine...Ticor, Old Republic, Nevada Title, Equity Title.

Lawyers are not appropriate in Nevada. And unless you know how to find a specialist they know less than agents. In NV you use a lawyer when something breaks.