All Forum Posts by: Anna NA

Hope I'm not breaking some news here, and p-oeing people, but I would say look for debt collector attorneys and they will have plenty listed for you looking to be sold...

Before you start though.................... (with sincerity) careful what you wish for especially if you're new to this.............

1) DON'T FEEL RUSHED. If your offer was accepted that means that it was good and the sellers should be wiling to wait a few days until you get things in order.

Jim,

They did show me the title committment but it's vague. They indicated they'd show me the full title commitment at closing. I am not going through with it unless it states that it is clear of liens, but am not sure how to know whether it covers ANY liens or only those liens which may have existed after the bank too possession.

A separate title insurance company which I made the check out to but was handed over through my attorney said they would not insure it. Here is where I am EXTRA concerned. I will be meeting with the attorney the day before and will go over all of this but it doens't look too promising right now.

The contract states that they will provide INSURABLE title, however what that title will INSURE exactly is yet to be found out.

The commitment I got faxed right now is vague although it does state that it will cover returns if any of continuation from the date of the date the bank aquired the property.

I'm bad at explaining things! ;)

Thanks flipper I really appreciate that.

I spoke with a family lawyer friend about this over the weekend. He explained to me I shouldn't worry too much because if title insurance is being provided then the title insurance company will cover it. I'm concerned still though because the effective date of the title insurance shows as the date when the previous owner (bank) took possession, hopefully they will change this or explain to me at closing. It's not clear to me whether they are covering anything from that date forward ONLY, or anything at all that may have been found since the existance of the house. I was advised by family lawyer friend to ensure that when they show me the title at closing, that any liens are crossed off or omitted from schedule B. I'll wait till the closing and see what happens.

After a comb-through of the contract though (which I'm still not sure if I understand completely) I did find a hole in it which could potentially get me out of it without losing the deposit in case I don't agree with what the title insurance will not cover. This is all so nerve wracking - just hate not understanding something completely, but I suppose I shouldn't play lawyer and let the lawyer do this job.

I had to dig up this thread because I am going through something like this right now. I offered cash on a property to a bank and the property title came back with issues. My lawyer is not great and he is just glossing over things with me and asking me not to ask him what's going on. The seller is offering me an owner's title insurance through THEIR title company and there are exceptions there which I don't agree with. Also the dates around when it's effective etc are not undestandable to me.

Currently I'm THIS > < close to cancelling the deal and if I have to take my losses on the deposit I will, but at least I won't be stuck with who knows how much to pay off to someone else that may have an interest. Really freaking out here..

I'm coming up on my closing next week on my first house. The attorney has told me that there will not be an in-person closing, but rather that all they need from me is the check.

Currently I received a signed copy of the contract from the seller, but it looks nothing more than a pencil whip and I can hardly read the name of the person that is signing for the bank that is selling it. I'm just apprehensive about handing over a huge amount of cash just like that and trusting the attorney to handle all the deed stuff etc without me actually seeing the deed. (They said they can show it to me but I'm still worried as I've never seen a title deed in my life.. )

Also, on a separate topic - the attorney said that per the contract the seller (bank in this case b/c this is a foreclosure) is providing me with a "fee policy" which they are saying is the title insurance. Could someone explalin to me how this title insurance business works? They told me I would not receive the full title search from the title company until AFTER the closing because the deed assignment can take up to 6 months, but instead they are providing me with this fee policy. Is this normal?? Please keep in mind this is a foreclosure, the attorney told me that this is generally what happens with foreclosures, but I get the heebee-jeebees about trusting lawyers..

That's got to be the worst nightmare..

Kinda a noob here, but thought I'd share mine.. Interesting post, there are many treasures out there and not always the easiest to find just by doing searches on the internet (although I found biggerpockets that way which I have really come to like a lot). Generally the ones I visit were recommended to me by someone. Don't necessarily hang out as in post a lot but I check in a lot, so here are some of my fav's:

A bit of a car fan so:
bimmerforums.com
theautolog.com
newyorkmotorclub.com

Others:
entrepreneur.com
allrecipes.com
wikipedia.com
zillow.com
cnn.com <-- not my primary news source
linkedin.com
youtube.com
myspace.com :shoot:
nasza-klasa.pl <-- it's in polish kind of like myspace lol..

O and:

http://zfacts.com/p/461.html :crying:

Have visited DYI and will most likely be spending more time there too.

Many others but these are the top ones.

oohhh I get it.. :) I will have to watch that

<--- NOOB.. :)..