All Forum Posts by: Rath Yelandur

The following is an excerpt from PURCHASE AGREEMENT document made available at AUCTION.COM website:

Buyer may be required to sign this document.

Q: Clauses B & C - What do they mean in lay man terms.

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Title Insurance Company is irrevocably committed to issue to buyer an owners title insurance policy covering the property with standard coverage customary in the state where property is located showing liability in the amount of the purchase price and showing insurable title to the property vested in buyer, subject only to the following
(a) Title Insurance company standard exceptions
(b) Liens for all current general and special real property taxes and assessments not yet due and payable
(c) liens of supplemental taxes, if any assessed
(d) any facts an accurate survey and/or a personal inspection of the property may disclose
(e) the mortgage/deed of trust/deed to secure debt lien in connection with any buyer financing
(f) any laws, regulations, ordinances (including but not limited to, zoning, building and environmental ) as to the use, occupancy, subdivision or improvement of the property adopted or imposed by any governmental body, or the effect of any non-compliance with or any violation thereof, including but not limited to, any disclosure an/or report required by ordinance
(g) rights of existing tenants and/or occupants of the property (if any)
(h) covenants, restrictions, easements and other matters that do not materially impair the value of the property or the use thereof
(i) non-monetary encumbrances disclosed to buyer in writing prior to entering into this agreement
(j) any other matter for which the title insurance company agrees to provide insurance at no additional cost to buyer

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Ed - Good to hear that, you were able to get clear Titles.   

Did you bid for these 3 properties, Online or LIVE ?

What were the additional costs you had to bear to get the Title Insurance (Not asking for numbers, just line items, one need to be aware of ) ?

Thanks for your Input.

Thank you for your Input.

Usually I see around 10-20 properties within my areas of Interest.  It is not practical to spend $1000 - $2000 to run Title Report from a Title Company for all the properties.  

After winning the AUCTION, getting Title Insurance is must.

How do the PROs approach this issue.  I am familiar with running the LIEN search at County Clerk & related websites. 

My main Question is : How do I find out from AUCTION.COM listed documents, which LIEN I am bidding against ?

I am new to REI. I am in the Houston area. Lets say - one purchases a property by bidding online or at LIVE auction with AUCTION.COM.

Do they get a CLEAR TITLE or they still have deal with hidden Liens ?

In the documents they list along with a property,  they do provide some information regarding outstanding mortgage.  

How do I find out what Level LIEN I am bidding for ? i.e Is it Tax, Mortgage, HOA, or some other lower level lien?

Thanks.

I am looking to become a Real Estate investor.  I am interested in buying properties at the Foreclosure auctions (Harris County, Texas).  

Is it possible to find out the SALE PRiCE of the properties that were sold at these auctions.  

Any help is very much appreciated.