Folsom, CA · Member since 2017 · 66 posts · 13 votes
Hi All expert,
Please help
I just purchased a property from Sacramento County tax sale. When i got out the room, a guy (title service company), give me business card, and ask me to buy title service included title insurance. In my mind, I think that i don't need to have title insurance because I purchased from County, and all the junior lien include mortgage will be wiped out (excluded some higher lien as IRS). My question right here is what is situation if i use and don't use the title service?
Moreover, this is my first time auction, and won the property. Second guy come to me, and introduce himself is the owner. OMG, I never expect this meeting happen. He said his parent are owner, and they are dead. He try to obtain the title transfer to his name, but not success. I didn't ask why. He came and said want to arrange the lease.
So, it begins to make me feel panic. I didn't discuss anything with him. As I read on BP forum, have to wait until get record from county.
My 2nd question is, do I need a title service or should i need to talk to a attorney ?
Investor · Roseville, CA · Member since 2009 · 1k+ posts · 583 votes
8y
@Nguyen Quachway to go. You don’t really need to get title insurance if think your going to sell right away. You will use a title company when you sell so the buyer will get title insurance. I was just at a lunch meeting where one of lenders will do a cash out refinance based on new appraised value even if the person has owened it for less than a year .
Investor · Roseville, CA · Member since 2009 · 1k+ posts · 583 votes
8y
@Nguyen Quachway to go. You don’t really need to get title insurance if think your going to sell right away. You will use a title company when you sell so the buyer will get title insurance. I was just at a lunch meeting where one of lenders will do a cash out refinance based on new appraised value even if the person has owened it for less than a year .
Folsom, CA · Member since 2017 · 66 posts · 13 votes
8y
@Gordon Cuffe It looks like my next step after received the record from County is eviction process, and renovation. then, I can refinance or sell it. Am i corrected ?
Investor · Roseville, CA · Member since 2009 · 1k+ posts · 583 votes
8y
@Nguyen Quachyes you are correct. You might try cash for keys instead of eviction. That is where you offer the person cash if they move out at some date you guys choose. That can be faster and the same price as eviction.
Folsom, CA · Member since 2017 · 66 posts · 13 votes
8y
@Gordon Cuffe I have read several threads, and it says the same thing, C4k. But in this situation, the guy, owner's son, shows up want to reach agreement with me for longer stay. It looks like C4K doesn't worked for them.
Folsom, CA · Member since 2017 · 66 posts · 13 votes
8y
@Jeanine P. I didn't discuss any further with him. Just hear he said want to arrange an agreement for longer stay. As I know, if I involve to any agreement, it will be more complicated for me in eviction/ejection process.
Folsom, CA · Member since 2017 · 66 posts · 13 votes
8y
@Gordon Cuffe, I would like to ask about the title. I read many topics, many of them recommend to take quite title action to obtain quitclaim deed for future refinance/ or sell.
I have a little confuse. I have 2 property, 1 is purchase from IRS lien auction, and 1 is from County lien auction. Both of them state all junior lien will be wiped out including mortgage. Why I still need to to take quite title action? is it the only way that i can obtain the clean title, and is the only way i can refinance with lender, or sell it to MLS market.
do we have any one around acquainted quiet title action ?
Rental Property Investor · Sacramento, CA · Member since 2018 · 10 posts · 1 vote
8y
@Nguyen Quach Regarding the Sacramento County Tax Sale, could you provide details on how exactly payment works? For instance, say there's a property staring at $45k and I plan to bid up to $75k. I end up winning at $69k but only have three cashier checks for $25k each.
If I pay with the $75k what happens to the $6k over-payment?
Does the county return it by mail in 30-60 days or something along those lines?
If I win multiple auctions will they group the items together for one payment?
I'm trying to get a feel for how exactly these auctions work. The site said to bring multiple varying denominations of checks but in an auction atmosphere it's hard to forecast the outcome and what others will do when getting caught up in the excitement. More than likely I won't win anything but I do want to be ready just in case.
Folsom, CA · Member since 2017 · 66 posts · 13 votes
8y
they allow multi cashier checks, even not in your name. After you won 1 bid, you can tell cashier or any staff that you want to bid more. They give you ticket each won, then you can have all the ticket to cashier and pay for it.
they allow multi cashier checks, even not in your name. After you won 1 bid, you can tell cashier or any staff that you want to bid more. They give you ticket each won, then you can have all the ticket to cashier and pay for it.
Thanks @Quyen Nguyen. What about over-payments? What happens to the difference if your cashier checks total more than the final amount due. Like I stated above, if the total due is $69 and I pay with $75k, what happens to the $6k difference?