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Updated over 8 years ago, 04/08/2016
"Cannot get clear Title"???
Hi BPers,
While searching the MLS for expired listings, I've come across a potentially good deal but it looks to be bank owned (foreclosed), which I use to avoid like the plague; However, I'm hearing more and more that these are sometimes good deals and even can be done in a double close.
My question is 2 part.
Firstly, Any suggestions on how to approach the bank/lender would be greatly appreciated. Someone suggested simply sending a Letter of Intent (LOI) to the bank and see what happens.
Secondly, in the notes of the expired listing it states that "cannot get clear title". Does this mean their is some sort of lien against the property? Does this generally disqualify a property?
If there is anyone experienced in this sector of REI, I would love to get your take on it!!
Much obliged,