All Forum Posts by: Anthony Mellone jr

Hello all, I have been purchasing homes for a few years now and renting them In NJ. As you know regulations are through the roof, especially here and I am Starting to learn about flipping foreclosure properties. Most people Recommend using title search companies and or title insurance but I see using a title search company for each and every property can be very costly. Is it worth it to do our own title search and then take out title insurance on a property if I bid and win the property? How does it all work? Anthony

sorry for the late response everyone, my regular job has been nawing at my ankles but thank you so much for your vital info all is welcome and helpful. How does the title insurance usually work? 

I just contacted a company to ask some info and from what I gather once you purchase a property these title insurance company's will charge a one time premium to research the title and pick up any costs that might be incurred if there are any problems with the property (title, liens ) ect?

Anthony 

Hello everyone ! I am trying to do my due diligence on auctioned properties, how they are bought and what the process is all about. I am hoping to one day take a shot at it after learning for sometime however my biggest fear is not doing a proper title search, missing something and then paying the consequences later. My question is : what are the steps to doing our own thorough title search ?? Thank you for any and all help ! Anthony

Thank you so much Case ! So basically we need Make sure it's the senior loan and all should be paid for unless there are some stipulations said before the auction such as taxes/ water sewer ect . I agree with one a hundred percent I need to do my homework and be careful,  it sure is intimidating but I am determined (yet Cautious)

Anthony 

Hello All! I am Trying to learn how to buy a property through the auctions and I am wondering how it all works first before I assume and make a mistake. I was looking at a property to practice and I noticed the home owner had an original loan in 1997 for 59k then took out two loans at the same time, one for 128k and another for 17k. I am assuming one was a personal loan for a down payment on the home mortgage loan however once a person buys a property and pays off the debt on the 1st position loan, who is responsible for any other debt? (home equity, taxes ect) what is the legal obligation of the purchaser ?