All Forum Posts by: Account Closed

Jean, could you please answer these follow up questions regarding the $1m+ lien transaction that you were successfully back out?

1. How much did you pay for the title insurance?
2. Did you lose your title insurance money or any other fees that you paid for this particular transaction after you were successfully back out?
3. How long did it take for you to get the EMD refund back and how much was it?
4. If it was a large EMD amount, and if it was financed, I'm guessing one could lose interest fee on it?

Are there any other bidders ran into this type of issue beside Jean would like to share their experience? Thanks!

Thanks for all great advices!

@Wayne Brooks   Yes, I was referring to foreclosure trustee auction sales at county court house and at auction.com. Thanks for the evaluable input! I would say that the difference here is I don't even know if I will be able to win those 5 cars from bidding. If I know I can buy those cars for a specific price for sure then yes, it's absolutely reasonable to pay all the fee upfront. I cannot justify myself to spend around $500 for title research when I might not be able to inspect inside a property, auction sales might get postponed or canceled, or I might not even win a bid.

My take from all the great advices so far is that most experienced bidders do title research themselves. Seems like this is what I'll have to do to be able to invest with this type of investment. With a full time job, father of two babies, and a few rentals, I was hopping to be able to find a service where they can help to bid and do title research in one deal for a commission based fee.

Thanks very much, Ned! The problem is almost all auction sales I've seen in my area offer trustee's deed and do not guarantee clear title.

Thanks! So do bidders have to pay a fee even if they don't win their bid, or do they pay a fee only if they won their bid?

To me it makes the most sense to do a commission based for this type of transaction. For instance, if I found five potential properties that I like to bid on, I would vet and do title research using some sort of title company or lawyer. Once I know all of those titles are cleared, I would bid on them. If I won, I would pay a fee for the property that I won.

Hello Everyone!

I'm in Olympia, WA area. I've being doing rentals for a while, and like to get into other REI. I've done some research regarding buying auction property, but still missing a few puzzles here and there, specifically surrounding title research topic. I also tried J&L Scott foreclosures and other services but nothing work for me so far.

My question is do people use lawyer or title company for title research or do they do it themselves? If you use a service, how is the fee get handled? Thanks for reading and helping!!!