RevNorth.com 0 Report post Posted November 15, 2006 After some back and forth, the bank agreed to $5000 payoff (long story, small rural town with low values, property needs some repairs), and faxed me a letter agreeing to that amount. I have two weeks to get them the cash. I also have to pay off $3500 of back taxes to record my interest. I will use it as a rental for now, already lining up a tenant. The seller is out, and has signed a POA , along with both Warranty and Quit Claim Deeds (don't know which I should record yet). I offered her $500 for the appliances, which I haven't paid yet. I searched the title (and judgements) myself at the courthouse, no problems or issues, but I obvously want to change title ASAP to prevent any from popping up later. Do I need an atty. involved to make sure I don't send my $$ into a black hole? How does the money exchange happen so I don't screw anything up (or get screwed)? I assume I'll get simply a Satisfaction of Mortgage from the bank which, along with the Deed should make the house mine? Or am I missing any details? I've done lots of other deals (Sub2s, tax sales, Sheriff's Sales, etc.), but this is my 1st SS. Thank you for any advice. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted November 16, 2006 Hi Rev, and welcome aboard.Seeing as this is your first short sale, I would definitely recommend the services of either a title company or, preferably, an attorney to walk you through the process. Consider it inexpensive insurance. Share this post Link to post Share on other sites
RevNorth.com 0 Report post Posted November 16, 2006 Yes, it's my first SS deal, but I have done a dozen or more other kinds of deals (mostly Sub2s), usually without any attorneys or Realtors involved. I'm comfortable that the title is OK. Anyone who's done a deal like this who HAS had problems? How about if you typically file(d) your own deeds, what's gone wrong, anything I should be aware of? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted November 16, 2006 Rev, you might want to fire off a PM to fellow member Ji Woslager. I know he is active in short sales and may have some advice/opinions to share. Share this post Link to post Share on other sites
realestateremedies 0 Report post Posted November 17, 2006 Rev, you might want to fire off a PM to fellow member Ji Woslager. I know he is active in short sales and may have some advice/opinions to share. Hi MC Well Rev, Im afraid I really cant give to much advice that you havent already received. I ALWAYS use a title company (title companies are the norm around here), and as MC said it is cheap insurance. Having clean title to a property and having that title be insured is invaluable imo. Above and beyond that though, when you go to sell the property down the road, and if the buyer needs a mortgage, it might streamline the process and avoid any hiccups by having title insurance now - even though that buyer will more than likely need to purchase a seperate policy. Sorry I couldnt be of more help Share this post Link to post Share on other sites
