All Forum Posts by: Joe Ebanks

@Sol Gold great thread ! Have you learned anything about this these past months?

Can anyone add to this and explain what we should be looking for at the register of deeds office? 

I only plan on bidding with a high margin for error. So 5-10k in liens likely wont break the deal. Im really worried about some random huge lien.

@Rich Baer

The price you bid does go to cover the liens at a sheriffs sale correct? The liens are not added in adddition to the bid, unless the bid does not cover all the liens?

When you do a title search what do you look for? How many mortgages there are and if they havent been released? I was attempting to do this today and failing miserably. I could not find any liens on the properties I was looking at. I even checked a property which I know has a lien on it, and I could not find this haha.

Thank you

@Mark Gallagher

Hi Mark, I am also just looking for these large spread deals at sheriffs sales. However, I dont know how to do a title search or what to look for. What do you look at when you do this? What if you find multiple mortgages and liens? At that point you would pay a title company for a search and explanation? 

Thanks, Sorry I am new to this. I would really like to gain understanding and confidence to go bid at these sales. Perhaps I will go with an online service at first for only the properties I am very interested in. However I agree with others on here, it seems like a lot when theres a good chance you never even get to bid on many of these properties!

@Jacob Murphy Thanks for the great information!! Did the IRS buy back your property? Im guessing no..

About the foreclosures, why does the bank by the property back? They will then sell it on the MLS or on some online auction website for more money? I thought they owned the property already so Im confused as why they are buying it back?

Hey guys, can anyone explain how the liens work at these forclosure and tax sales? 

I can handle the comps and arv estimates but when you throw in title searches i am lost. 

Do you guys just pay 150$ for every property you might bid on to a title conpany?

Or is it not really necessary?

Really wish i could get some clarity about how this all works and how best to do my due diligence! Thanks

This is a great question, one that I was curious about myself!

I am interested in purchasing at sheriff sales in Portage and Summit county. Today I tried to go to the recorders office and research some of the titles but it was a real mess. 

Even with the information I find I am not sure the laws and what it actually means! Id really appreciate a pro coming in here and giving some good advice on how to purchase at sheriff sales! 

Was just doing some research. I am interested in attending and bidding in sheriff sales in Ohio. 

From reading this thread it seems like the proceeds from the sheriff sales are used to pay off the liens? I wasnt sure if you won a bid and didnt realize their was multiple liens you would be forced to pay each of them on TOP of the bid you made. Thats nice if it comes out of your bid automatically.

Seems like the only way for an amateur to know what they are doing they will just have to pay a title company to do a search on every property they are interested in?

@Ned Carey Much appreciated Ned Thank you

@Ned Carey Thank you Ned, I appreciate the answer. I am certainly not trained. I have contacted title companies and lawyers and they would charge me about 150$ per house that I want to check. 

What do you suggest for me to do? I am trying to go around to the sheriff sales in my area and purchase properties here. But I havent done it before. It will get expensive real fast to get title searches on every single piece of property i am looking at. I was hoping to figure out how to do it myself. 

I also would like to be able to bid on the online auctions. From what I understand as long as I get title insurance I will be fine if I am the winning bidder. However I did just find a property i wanted to bid on and I looked at the title and it says 6,000$ lien. In this case I wonder if I will have to pay for it to get a clean title? Or if the title company will not insure the title as it has the lien? I really dont know what will happen..

Much appreciated...

Hello biggerpockets!

I have a property I am interested in bidding on. However it has a 6000$ Lien on it. 

If I purchase title insurance will I get a clean title and not have to pay the lien? Im curious how this will play out... and gunshy on bidding

It does say I can purchase title insurance and will recieve a special warranty deed

Thanks!