All Forum Posts by: Tom K.

Hi Sriv, I agree however there is a way to do the lien search at the court house however I haven't been educated.  This way if the court house search comes up empty, then I can proceed to the attorney or title company to be sure.  Why go straight to the title company if I can check the court first and pull out if something substancial shows via courthouse (it's free I believe)?  And can anyone tell me if having a title company do a search for liens is the same as hiring an attorney.  I'm pretty an attorney will cost more.  Thanks

Hello, I'm interested in purchasing a bank owned foreclosure property that offers a Quit Claim deed. I was told by the auction company to do my due diligence and to check for liens.  Can anyone tell me what exactly I need to look for at the county courthouse that would satisfy looking for liens? Can anyone provide a check off list?? I don't want to lose my shirt buying this property.  Thanks everyone, I appreciate it!

A Buyer's Premium equal to 5% of the Winning Bid Amount or $1,500 (whichever is greater) will be added to all Winning Bid Amounts to determine the Total Purchase Price.

If you are the Winning Bidder, an Earnest Money Deposit of 5% of the total purchase price or $2,500 (whichever is greater) is required.

No Title Insurance offered at closing.

Buyer will receive a Quit Claim Deed or equivalent.

This property is reported to be occupied and buyer is responsible for obtaining possession.

Property is being offered as is, where is.

Buyer representing self will not be paid a broker co-op commission

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@ James Bell In the auction.com property description it does not mention that title insurance will change the type of deed. I guess I can always phone them again and find out. I did noticee that other properties specifically state that acquiring title insurance may lead to special Warrenty deed. Can you tell me what avenue you use to search for any liens?  I'm nervous about this because why do some bank owned properties offer the special Warrenty deed and others only the quick claim deed?  And if I bid on the property and win, do you think I will have time to do a title search and then if all goes well set up title insurance for closing? I worry the large deposit they require Wil be gone if I try and pull out.

Thank you Clayton for your reply. I'll tell you, this can test the nerves.  I called a few title companies and they said it would take them a couple weeks to check for liens. Well, the auction ends on wednesday.  If it doesn't get sold then I'll get the ball rolling with a title company in the hopes that it will there for me when it goes back on the market (assuming a clear title)...if the title is clear and I purchase the property with the quick claim deed, will I have issues selling it later????

Hello all!  

I am hoping for some GUIDANCE as I am interested in bidding on an auction.com "Quit Claim Deed" bank owned property.  Obviously the last I want to do is win the bid to find out later that there are significant liens against the property.  Is it even possible to get title insurance with a Quick Claim Deed?  Any and all help/guidance is most appreciated! 

Hi, can anyone tell me if there is a way to do a Lien search without hiring a title company?  The property description says "Quit Claim Deed or equivalent".  I phoned action.com and they advised I do a title search before bidding.  The bidding begins this Saturday.  Anyone help?