Home Selling in Fairfield>Question Details

Lmarielmm, Home Seller in Fairfield, CA

does short sale offers (every one) have to be cleared by anyone with claim to home, like primary lenders and tax liens or bail bonds etc?

Asked by Lmarielmm, Fairfield, CA Mon Mar 15, 2010

Short sale ?

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Any lien on any property that is registered with the county has to be removed prior to close of escrow. We use title companies in California to:

(1) Do an extensive title search to make sure all liens are clearly identified,

(2) Make sure all liens are paid off by escrow,

(3) Provide title insurance in the event something slips by.

No lender will lend on a property for sale until they are assured it will come with a clean title.
1 vote Thank Flag Link Mon Mar 15, 2010
Wow, bail bonds too? In a short answer, any title issues must be cleared before the home can be sold. Hope that helps, Jim
0 votes Thank Flag Link Tue Mar 16, 2010
Yes, any recorded monetary liens have to be satisfied prior to the close of escrow The buyer can't obtain financing without title insurance in place and a title company will not issue a policy on a property unless the monetary liens and any clouds on title are resolved prior to the close of escrow.
0 votes Thank Flag Link Mon Mar 15, 2010
Ute Ferdig -…, Real Estate Pro in New Castle, DE
You can not get financing until that is done. The bank has the same problem. They can not sell without that done or they could legally be forced to take it back.
0 votes Thank Flag Link Mon Mar 15, 2010

Thats a very good question. Usually, this is what we use title companies for. Anytime there is a real estate transaction, the title company checks on any liens, bonds, etc on the property. All such liens are cleared by title before the transaction can close. Please feel free to call or email me if you need any futher assistance.
Good luck :)

Kamal Randhawa
0 votes Thank Flag Link Mon Mar 15, 2010
All liens on the title have to be cleared for a title company to insure the transfer of ownership.
0 votes Thank Flag Link Mon Mar 15, 2010
Maureen Fran…, Real Estate Pro in Birmingham, MI
All liens on the property doing a short sale must be paid satisfactory and you will have to have signed documentation stating so otherwise you will not be able to close the transaction.

John & Sarena Villaescusa
Keller Williams Realty
Cell: 562-818-2671
Website: http://www.VGroupHomes.com
Web Reference: http://www.VGroupHomes.com
0 votes Thank Flag Link Mon Mar 15, 2010
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