Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 9 years ago,
Title questions after Chapter 7
I am considering purchasing a property from an investor that was part of a "bulk purchase". It seems that a handful of investment properties were quit claimed from a bankruptcy trustee to this investor for pennies on the dollar. The investor is now "liquidating" these properties for more than what she paid, but far less than market value. She is offering a Special Warranty Deed and claims they are free of liens etc.
So when I try to do my own title search, I see a mortgage that was not satisfied. How can I tell if the mortgage was released as a part of the Chapter 7 proceedings. I know the lien can carry to the new owner but how do I know it in fact did or did not without doing a proper title search? How do title companies resolve such questions? Do they go to the bank or to the trustee?
Any guidance would be much appreciated. Thanks!