DARK SKIES AND CLOUDY TITLES!

By
Real Estate Agent with Chevaux Group, PLLC

 

DARK SKIES AND CLOUDY TITLES!  I am seeing an increase in the number of title searches that are coming up cloudy!  IRS liens, secondary liens from loans, etc. are the turning the days of clear title searches into very cloudy days!

This of course becomes a problem when a Seller needs to sell their home!  Recently on a transaction we actually had a very good experience with the IRS.  I know, hard to believe but true.

The Sellers had an existing lien from a private lender that would take most of the proceeds at closing.  The IRS had put a lien as well even though this was not the Sellers main residence.  Therefore, until the IRS released their lien and just encumbered the main residence, this townhouse was not going to close.

The Sellers diligently worked with the IRS and got to a person who walked them through the process and voila - they released the lien yesterday and we close today!  We were all in shock as we all know how slowly the IRS can be in responding.

The lesson learned here is to talk with Sellers about possible liens and how to get them dealt with effectively.  Also, having a strong Title Company to work with along with and agents who work together to deal with problems is the key!

In these difficult days, I believe we will see more of this going on.

Posted by

     Chevaux Group    

"Have you fully lived today?"

   Paula L. McDonald ~ REALTOR®

       Broker ~ The Woodlands, Texas 

 936-203-0279 Direct

Selling The Woodlands real estate and surrounding areas!

Paula@ChevauxGroup.com

 

 

Copyright 2014 Paula McDonald

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Topic:
ActiveRain Community
Groups:
MONTGOMERY COUNTY TEXAS
Texas Real Estate
The Woodlands Real Estate
Tags:
real estate
sellers
closing
cloudy title
title encumberances

Comments 15 New Comment

Rainer
94,507
Billi Evans
Murney Associates

It makes me so happy when my side gets to pick the title/closing company for reasons such as this.

September 10, 2010 10:52 AM
Rainmaker
779,063
Al Raymondi
Ormond By The Sea Florida - Home and Condo Sales a
Ocean View Realty Group in Ormond By The Sea Florida

We are seeing More title issues as well and having a closing agent willing to work them out is a huge advantage..

September 10, 2010 11:59 AM
Rainmaker
556,060
Cherise Selley
Colorado Springs Realtor
Selley Group Real Estate, LLC

This is one significant reason why I'm helping Cherise with her blogs.  She spends much more time troubleshooting than ever before... g

September 10, 2010 03:43 PM
Rainer
73,993
Jennifer Dulmaine
Seth Campbell Realty Group
Keller Williams Realty

Paula, So true it seems like more and more there are "other" liens on the property. Thanks for sharing Jen

September 10, 2010 11:51 PM
Rainmaker
721,037
Richard Weeks
Realtor, Associate Broker - Manager Business Development
Waller Group

Sometimes it is best just to open title as soon as you take the listing.

September 11, 2010 07:06 AM
Rainmaker
770,483

Paula McDonald

RE/MAX The Woodlands, TX 936-203-0279
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