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All Forum Posts by: Sebby Vasalo

Sebby Vasalo has started 5 posts and replied 13 times.

would a online one suffice? Or should I use a local trusted company?

My guess is I will lose the home because they typically take 2 weeks where I live.

Ugh I hope this isn't a bad learning lesson!

hello,

I recently won a property on hudson&Marshall.

I know I should have done a title search, but I dropped the ball. Overall, they are giving me 15 days to close.

Service link is offering title insurance, but I am getting the following phrases from Hudson and Marshall..

"Just to be clear I did not say all liens and judgements would be paid in full because that is not something we can guarantee.

Per the email I sent you on 06/25 I reminded you of our terms and conditions that buyer is to complete their own due diligence which includes a title search as we do not guarantee free & clear title. Seller will pay liens on title as long as no additional repairs are needed. The Seller will pay delinquent property taxes & HOA dues as long as it is in statute with the foreclosure. If there is code violation, the repairs and cost will be at buyer's expense. Once you have done a title search if you have a specific question regarding something on title feel free to reach out to me to discuss."

With that being said, I am struggling in what to do. I really want this house for my family, but do not want to run into title issues as the home is very expensive already.

Emails from sellers closing company / servicelink who is working for Hudson&Marshall...

Email I sent to service link..

"And just to confirm, ALL liens and judgement or any other issues with the title will be satisfied before closing. So we will have a clear title Correct?".

Response..

"That is correct, anything that is not on the contract as an exception if you purchase title will be addressed."

Now what is a exception?

They would not verify...

I'm lost at this point. I can't get the two of them on the same page.

My attorneys laugh about 15 day closing..

Please advise as this is my dream home and I really don't want to lose it if the property title is clean.

hello,

I recently won a property on hudson&Marshall.

I know I should have done a title search, but I dropped the ball. Overall, they are giving me 15 days to close.

Service link is offering title insurance, but I am getting the following phrases from Hudson and Marshall..

"Just to be clear I did not say all liens and judgements would be paid in full because that is not something we can guarantee.

Per the email I sent you on 06/25 I reminded you of our terms and conditions that buyer is to complete their own due diligence which includes a title search as we do not guarantee free & clear title. Seller will pay liens on title as long as no additional repairs are needed. The Seller will pay delinquent property taxes & HOA dues as long as it is in statute with the foreclosure. If there is code violation, the repairs and cost will be at buyer's expense. Once you have done a title search if you have a specific question regarding something on title feel free to reach out to me to discuss."

With that being said, I am struggling in what to do. I really want this house for my family, but do not want to run into title issues as the home is very expensive already.

Emails from sellers closing company / servicelink who is working for Hudson&Marshall...

Email I sent to service link..

"And just to confirm, ALL liens and judgement or any other issues with the title will be satisfied before closing. So we will have a clear title Correct?".

Response..

"That is correct, anything that is not on the contract as an exception if you purchase title will be addressed."

Now what is a exception?

They would not verify...

I'm lost at this point. I can't get the two of them on the same page.

My attorneys laugh about 15 day closing..

Please advise as this is my dream home and I really don't want to lose it if the property title is clean.

hello,

I recently won a property on hudson&Marshall.

I know I should have done a title search, but I dropped the ball. Overall, they are giving me 15 days to close.

Service link is offering title insurance, but I am getting the following phrases from Hudson and Marshall..

"Just to be clear I did not say all liens and judgements would be paid in full because that is not something we can guarantee.

Per the email I sent you on 06/25 I reminded you of our terms and conditions that buyer is to complete their own due diligence which includes a title search as we do not guarantee free & clear title. Seller will pay liens on title as long as no additional repairs are needed. The Seller will pay delinquent property taxes & HOA dues as long as it is in statute with the foreclosure. If there is code violation, the repairs and cost will be at buyer's expense. Once you have done a title search if you have a specific question regarding something on title feel free to reach out to me to discuss."

With that being said, I am struggling in what to do. I really want this house for my family, but do not want to run into title issues as the home is very expensive already.

Emails from sellers closing company / servicelink who is working for Hudson&Marshall...

Email I sent to service link..

"And just to confirm, ALL liens and judgement or any other issues with the title will be satisfied before closing. So we will have a clear title Correct?". 

Response..

"That is correct, anything that is not on the contract as an exception if you purchase title will be addressed."

Now what is a exception?

They would not verify...

I'm lost at this point. I can't get the two of them on the same page.

My attorneys laugh about 15 day closing..

Please advise as this is my dream home and I really don't want to lose it if the property title is clean.

Post: Auction.com and title!! please advise

Sebby VasaloPosted
  • A, NY
  • Posts 13
  • Votes 0

I am thinking I should have as well. The title work would show if the forclosure was done correctly and lien holders were notified?

I am not rich, and that is why I am trying to get a good deal on a house. Overall, I would have 2 grand plus just in abstract and lawyer before even knowing I won the property.

Post: Auction.com and title!! please advise

Sebby VasaloPosted
  • A, NY
  • Posts 13
  • Votes 0

I have heard people say not to buy it and that a abstract and lawyer is all I need?

Do you recommend I get title insurance from local title company/lawyer or use the one auction.com recommends?

Post: Auction.com and title!! please advise

Sebby VasaloPosted
  • A, NY
  • Posts 13
  • Votes 0

verbally they told me the liens will be cleared at closing but keep recommending title insurance.

So your a attorney and your basically telling me that another attorney won't be able to do much ugh this is confusing.

I just want to make sure the transfer and everything else is done correctly, that is why i was going to hire a lawyer. To make sure i can sell the plave down the road if i need to.

I have never purchased a home so I am not familiar with the entire process. This would be a home I occupy, and is not a investment. I disclosed that in the first part of the transaction where they asked

Few more questions

-how can I tell if there are outstanding liens besides getting a abstract?

A preliminary title search on their website shows judgements, but say they will be cleared at time of transfer. 

-Can I have my attorney work with the sellers attorney/title company to finish closing? Or van I just have my attorney handleball of it?

How can I find out if lien holders were served at the time of forclosure?

Thanks

Post: Auction.com and title!! please advise

Sebby VasaloPosted
  • A, NY
  • Posts 13
  • Votes 0

I have gone through the entire EMD and so on with them about a year ago. They had a issue with title and could not close. So they refunded my 2500 immediately and I got it in a check a day later. They are good on that aspect. I think they are starting to reluse customer service is required or you get a bad rep.

As far as the lienes, i have no clue.

I'm going to find out soon !

Post: Auction.com and title!! please advise

Sebby VasaloPosted
  • A, NY
  • Posts 13
  • Votes 0
Originally posted by @Chris Seveney:

Sebby Vasalo

Next time do not bid if you are not sure. You could get yourself in a real bind.

 Chris, thanks for the great advise.

I don't think anyone really knows how the many many pages of contract works at auction.com other then those who have purchased properties from them.

The terms on the main auction page for the property property say

  • Buyer may receive a Special Warranty Deed or equivalent if Buyer is able to purchase title insurance without delaying the closing (title fees typically cost between $500 and $1500 and are based on the purchase price of the property). If buyer does not purchase title insurance, buyer will receive a Quitclaim Deed or equivalent, with no express or implied warranties of title.
  • Buyer is responsible for all escrow fees typically ranging from $850 to $1,375.
  • While this property is reported to be vacant, buyer is responsible for obtaining possession.
  • Property to be free and clear of all delinquent HOA/COA fees at closing.
  • Property is being offered as is, where is.

So basically they are going to force you to buy title insuance from them so you can get a special warranty deed?

All I am trying to do is secure this property and not have to worry about selling it / borrowing some money against the place if need be. 

I came here looking for some advise on if title insurance is really needed or not. Obviously I am going to hire a attorney.

And Just to note.. i just spoke wit auction.com and they said I really do not even need a lawyer, that is why you get title insuance and the contract is what it is. No amendments to it.

Post: Auction.com and title!! please advise

Sebby VasaloPosted
  • A, NY
  • Posts 13
  • Votes 0

I won the property already.

I have contracts in my mailbox, but as everyone knows they are "as is - where is".

I can't get to a attorney until Wednesday unfortunately, so i have all weekend to worry about this.

Auction.com wants the deposit within 24-48 hrs... so this leaved me no time.

They want the money wired to them along with the contracts signed.

Ultimately I want the property, but I am worried about the liens.

So basically you guys are recommending I hire a attorney (obviously), and also pay for title insurance?