Do you get a clean title when BUYING A SHORT SALE or BANK OWNED HOME?

By
Real Estate Agent with Godzyk Real Estate Services

There was alot of confusion with Manchester NH Home Buyers with the risks involving buying a SHORT SALE, FORECLOSURE or BANK OWNED HOME? With different information coming from so many sources questions on these types of properties continue to rise. I am happy to report that the most risk is with auctions which most buyers are not using tio purchase these types of properties. For the average owner Occupied Buyer there is plenty of protection available to you for a seamless purchase.

 

 


HOW DO I KNOW THE DEED IS CLEAN?:  The most common protection is a through a TITLE SEARCH. A title search will make sure the deed is free and clear of all mortgages, liens, back taxes and or HOA fees.

a. First thing is that if you are getting a mortgage than your bank will make sure the title is clean before they give you a mortgage. The bank will work with the closing attorney to review the title report. 

b. If you are paying cash, you will want to hire a lawyer to conduct the title search and make sure the title is clear.  

TITLE INSURANCE: Whether you are paying cash or getting a mortgage,  it is recomended to get owners title insurance.

CLOSING: Before closing a HUD also know as the settlement statement will be calculated. The closing attorney should make sure all liens, back taxes, HOA fees are paid by the seller at the closing. Any prorations for prepaid amounts will be debited to the buyers side. in the world of short sales at your expense.

In conclusion buying through an auction is seperate from buying Short Sales or Bank Owned Homes listed by traditional means  An auction is AS IS and usually includes all liens and defects. Purchasing a home listed with a local broker is not like an auction. The condition may be AS IS but the deed is cleaned, cleared and usually a Foreclosure or Special Warranty Deed transfers the home from the bank to the new buyer. Having a local, Full time agent who is WELL experienced with Bank Owned Homes and or Short Sales can easily guide you through the buying process.


It does not take magic to turn your "For Sale" sign into a "Sold" sign. it takes a full time Local Agent who specializes in Listing homes like yours.

 

If you need to sell your home and you owe more than your house is worth, i may be able to help. I specialize in working with home owners to get your home sold. There are many options such as a short sale whcih may be able to help you.

Please try and avoid out of state or out of town agents and companies that make "out of this world promises". We are local agents with experience who never charge any up front fees. WE GET RESULTS!!!

 

We stand by you through every step in selling your home.

 


PLEASE SEE MY "TOP" TIPS FOR BUYING A HOME

 
 

PLEASE SEE MY "TOP" TIPS FOR SELLING A HOME

 

 

 
 
SUPPORT LOCAL BUSINESS!!!
 

ONE OF NEW HAMPSHIRE'S LEADING AGENTS FOR SHORT SALES AND BANK OWNED HOMES...

If you are Looking for a Real Estate Agent you have come to the right place. Scott Godzyk is a Full Time and Local agent ready to serve all of your Real Estate needs through each step of the buying or selling process. We are proud to be locally owned and operated.

If you owe more than your house is worth, If you are behind in your payments, I may be able to help. Call me to find out how you may be able to sell your home at no additional cost to you.

Scott Godzyk is the Owner/Broker of The Godzyk Real Estate Services located in Manchester NH. With 25 years of Real Estate experience Scott specializes in Listing and Selling Bank Owned Homes, Short Ssles, Residential Properties, Condominiums, New Construction and Investment Properties. Scott services the counties of Hillsborough, Merrimack, Rockingham and Belknap. To contact Scott Godzyk please call 603-661-2121 or email sctprop@aol.com. his website is www.ScottSellsNH.com.

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Topic:
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Comments 23 New Comment

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Rainmaker
1,068,849
Myrl Jeffcoat
Greater Sacramento Real Estate Agent
GreatWest Realty

Excellent tips and advice!  My hair stood on end while reading Elizabeth's #3 comments.  Fortunately, those cases are usually the exception to the rule.

June 14, 2012 02:58 AM
Rainmaker
779,163
Al Raymondi
Ormond By The Sea Florida - Home and Condo Sales a
Ocean View Realty Group in Ormond By The Sea Florida

Nice post Scott, title insurance is a must and here it is usually paid for by the seller.

June 14, 2012 05:25 AM
Rainmaker
529,670
Gary Frimann
California Broker and REALTOR
Eagle Ridge Realty / Signature Homes & Estates

Scott, I get this question all the time.  the waters out there these days are a little tricky to navigate, but people ask this question a lot.  I don't think they totally understand the answer, as some do not know that title can be insured.

June 14, 2012 06:20 AM
Rainmaker
1,114,384
Richie Alan Naggar Author PEARLS SERIES of books
on LIFE and LOVE plus Real Estate too!
People first then business! Ran Right Realty Riverside, Ca

In the old days..(old old days), you signed the back of the deed and it now belonged to whoever held that paperwork. Look what it has evolved into

June 14, 2012 06:37 AM
Rainer
172,630
Keith Lawrence
ABR, CDPE, SFR, 203K Specialist
RE/MAX Properties

Good advise.  Always get title insurance.  I had one short sale where the lien was filled the same day as the closing.  You never know what is going to occur when dealing with Short Sale or Bank owned properties.

 

Keith

June 14, 2012 07:55 AM
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Rainmaker
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Scott Godzyk

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Additional Information

Scott Godzyk is the Owner/Broker of The Godzyk Real Estate Services located in Manchester NH. With 25 years of Real Estate experience Scott specializes in Listing and Selling Bank Owned Homes, Short Sales, Residential Properties, Condominiums, New Construction and Investment Properties. Scott services the counties of Hillsborough, Merrimack, Rockingham and Belknap. To contact Scott Godzyk please call 603-661-2121 or email sctprop@aol.com. his website is www.ScottSellsNH.com.