BRRRR Property Title Exam shows Board of Revision transfer in the chain of title

[Jess Azong]

I am under contract on a property in I am looking to BRRRR in Dayton Ohio and during the course of title exam, it was discovered that a board of revision transfer was in the chain of title and because of this, the underwriters will not permit the Title company to insure any property with a past or present Board of Revision transfer in the chain.

The concerns are:

"Properties are transferred by a Sheriff’s Deed pursuant to a Board of Revisions foreclosure case under Ohio Revised Code Sections 323.65 – 323-79 without sale or appraisal. Due to a lack of due process and other concerns the viability of those transfers are questionable. It is noted that title insurance is generally not available in the State of Ohio for properties transferred in this manner

The Board of Revision is an administrative procedure and not a judicial foreclosure in common pleas court. Administrative means proceedings before a board with fewer legal rights. Bear in mind that the foreclosure process takes away a person’s property and their rights are better protected in formal judicial proceedings."

The property is strategically located and will give excellent cashflows with infinite returns. I am not sure if i should just buy cash or back out. My concern being, even if i buy the property cash, what the chances of me selling or refinancing it? Is there a way to fix this title issue. Has anyone here ran into something similar and what did they do? I am just looking for advise so that i do not back out of very lucrative deal if there are creative ways to think about this or fix it. Thanks for your feedback.