Foreclosure in New York>Question Details

Clairesmom, Both Buyer and Seller in Chicago Heights, IL

What is the most cost effective way to do title research for multiple properties before forclosure auction?

Asked by Clairesmom, Chicago Heights, IL Mon Feb 18, 2013

Foreclosure auctions have hundreds of listings per week. Out of these I often find as many as 20 properties I may want to bid on.

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George Stroud’s answer
I really suggest you interview different title companies and ask them these questions:

1) Do you work with assignments of contract? Does the assignor need to be present at closing?

2) Can you do double closings if they are necessary? If so, can one title search be used for the whole process? (it will reduce your expenses)

3) Do you do “dry” closings? (a dry closing is where you don’t actually have the funds to purchase the property, but will be provided the funds by another source the same business day, usually from a 2nd closing)

4) Do you provide lists of NODs, probates, and absentee owners?

5) Will you be willing to provide a discount on volume title searches if all closings take place through them? (typical investor discount is 25%)

6) Can you provide any investor references?
1 vote Thank Flag Link Mon Feb 18, 2013
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