Posted by John Corey on April 24, 2006 at 09:54:32:
Disrespect?
There is nothing disrespectful here. People maybe blunt or direct. They offer advice to help. Given that many times the advice is offered without even knowing the person there is no intention to show disrespect to an individual.
Disrespect would be to let a newbie who you do not know wander off in the wrong direction and then watch as they get burned.
John Corey
Sheriff’s Sales – Title Search - When? - Posted by Robby C (OH)
Posted by Robby C (OH) on April 22, 2006 at 23:29:40:
Hi,
I just noticed the neighbor’s house is up for Sheriff’s sale.
Am I able to get a title agency to check the title and encumberances prior to the sale?
Thanks –
Robby C
Which county in Ohio is the prop located? - Posted by JT-IN
Posted by JT-IN on April 23, 2006 at 12:29:17:
Robby:
The only reason that I ask, is that Ohio differs greatly from county to county, as to the protection offered to any 3rd party investor bidding at sale. Some counties, dictated by the judges on the bench in common pleas court in each venue, are demanding of the Plaintiff’s Atty, and expect them to do the FC RIGHT… meaning that if they screw it up and don’t render a clear title to the purchaser, then the Judge will throw out the sale, and require them to engage in a do-ver. While other counties and Judges subscribe the philosophy that it is a “Buyer Beware” transaction. Meaning that if you don’t do your homework, and end up buying a proper that has title problems, then burden of the remedy is upon YOU…
While I am not familair with all 88 counties in Ohi0, I have bought properties in more than a handful of them, and knowledgeable about a few more too… So maybe I would know, and maybe not, but willing to share that knowledge and experience if I happen to know.
JT-IN
Shouldn’t be bidding at Sheriff Sale - Posted by JT-IN
Posted by JT-IN on April 23, 2006 at 08:48:19:
Until you pretty well understand items that effect title, how they are expunged in a Sheriff Sale, and what effect occurs when those items are missed in the suit, by the Plaintiff’s Atty, and if so, what is your recourse. If you can’t stand the risk of the recourse, or lack of it, then that should be factored into your strategy, as KNOWN info.
Sure, you could have title co perform a search for you… giving you a PJR, preliminary judicial report. If you are talking about a one time, once case incident here… where you are interested in the neighbors house, title co does a PJR, you bid with confidence, and either buy it or not… at the sale. I guess that would work for a one time situation. However, for those that plan on making sh sales their business, they NEED to KNOW for themsleves, what effects title, and how. Anything short of that is just plain playing roulette. Odds are 38-1 on roulette, not exactly what I call a calculated investment strategy.
Let me tell you a little story here… I have friends who have been buying at Sh sales for years, as I have. Recently K. bought a property, and did not advance work on the title. He relied on the Atty who rep the Plaintiff, to have known what he was doing. (Joe K., listen up here). He checked the file, looked at the Atty title work, Atty served all the parties mentioned in the report. He did not do his own search. Problem was, this was the Atty FIRST FORECLOSURE CASE, EVER. He did not evaluate title correctly, and missed serving a number of State Tax Liens, as well as a Fed’l Tax Lien. Sale occurs, K. buys the property, Atty confirms sale, and Kevin is happy. Until he goes to apply for financing… Guess what, $ 6500 in Fed’l Tax liens, and more than that in state tax liens… I gues the only good news here is that the liens weren’t larger than they are… K. and I have had this discussion a number of times, he has had some near misses, due to being careless, and he has just blown it off. He just lost at the Roulette game…
So my opinion is this, if you don’t know, then learn before you get your funds invested into the high-odds game of Sh Sales… We are all too anxious to run off and bid, get a deal, etc., but the proper way to proceed is to learn what effects the title before you get in the game.
Just the way that I view things…
JT-IN
Re: Sheriff’s Sales – Title Search - When? - Posted by Joe Kaiser
Posted by Joe Kaiser on April 23, 2006 at 24:09:30:
Sheriff’s sale = lawsuit = litigation guarantee = it may already be in the
file.
Yank the file and see what’s what.
Joe
Re: Sheriff’s Sales – Title Search - When? - Posted by Amos-NY
Posted by Amos-NY on April 23, 2006 at 24:02:10:
If you plan to make an offer to the homeowner I would wait until getting it under contract. You could ask the title company for an abstract of title. You could possibly ask around the courthouse. The same people supply data to the title companies but it costs a lot more.
Re: Sheriff’s Sales – Title Search - When? - Posted by David Krulac
Posted by David Krulac on April 22, 2006 at 23:46:04:
yes
Re: Which county in Ohio is the prop located? - Posted by Joe
Posted by Joe on April 23, 2006 at 22:55:12:
Seems like the easiest way to cover all your bases is to do your own DD whichever county you may be in. Once you’ve done it in one, you’re covered for the rest.
Re: Shouldn’t be bidding at Sheriff Sale - Posted by Joe Kaiser
Posted by Joe Kaiser on April 23, 2006 at 12:51:11:
Good point.
Thanks for the “watch out” - Posted by Robby C (OH)
Posted by Robby C (OH) on April 23, 2006 at 12:13:52:
Seriously, I took a look into this stuff until late last night and it is quite involved. I will move on to investigate and look into the SSales.
Have to get involved somewhere right?
Thanks again…
RC
Re: Shouldn’t be bidding at Sheriff Sale - Posted by JohnB
Posted by JohnB on April 23, 2006 at 10:31:37:
I couldn’t agree more, JT. I have seen it all at SS. I see the newbies show up and they just don’t have a clue what they are bidding on and what comes along with the Sheriff’s deed. Ouch…that can hurt when they don’t realize the ramifications of a unexpunged lien or unnamed party.
Oh, and it gets even better when they buy the house and then ask, “so, how do I get the owners to move out?”. Most think you just evict. Wrong and that is an expensive seminar.
Sheriff Sales, as you know, not for the faint of heart or the uninformed newbie. Good money when you get one, but you best know what to do after the Sheriff says, “Sold”.
JT, hope to see you in Atlanta.
Re: Sheriff’s Sales – Title Search - When? - Posted by Robby C (OH)
Posted by Robby C (OH) on April 22, 2006 at 23:55:05:
Thanks Mr. K. Just did an archive search and looks like I will be learning a lot over the next month.
All Ohio Counties are not the same - Posted by JT-IN
Posted by JT-IN on April 24, 2006 at 07:38:14:
“Once you’ve done it in one, you’re covered for the rest”
Joe:
Actually that isn’t exactly true when it comes to Ohio counties and Sheriff Sales. Some proceedures are the same or similar, but there are some important fundamentals that vary from county to county, as to Administrative Prodedures, which can have a huge impact on things like, who is held culpable when there is an error in the case. One county sees it one way, while another leans the opposite way. Knowing the point of view of each county is as important as knowing the law. So to cover one self, DD must be done in EACH county, at least as to their local rules of implementation. This isn’t something that you look up in a book, it comes with experience of seeing how precendent is set in certain cases. Also, each county varies on their requirements for payment, distribution of proceeds and Deed prep and issue, which make it like 88 sets of rules, instead of one. So it does matter which county the property is located, as to the implementation of the law and local rules.
JT-IN
Re: Thanks for the “watch out” - Posted by J.P. Vaughan
Posted by J.P. Vaughan on April 23, 2006 at 12:47:48:
JT, JohnB, and Joe Kaiser are some of the most
experienced foreclosure investors you’ll find anywhere.
Take their advice to heart.
If you “Have to get involved somewhere”, and you are a
beginner, this is not the best way to “get involved.”
Enough with the disrespect. - Posted by Robby C (OH)
Posted by Robby C (OH) on April 23, 2006 at 12:11:48:
Your reply is nothing short of insulting.
Re: Sheriff’s Sales – Title Search - When? - Posted by John Corey
Posted by John Corey on April 24, 2006 at 09:57:42:
That is one of the great benefits of the site. New investors can learn from the experiences of many others who have gone before them. They can learn without having to hit all the same landmines that might be out there.
Enjoy the archives (and the success notes). When you do not understand a prior conversation post a new question (with or without reference to the prior thread depending on if a reference will help).
Do expect some differences of opinions in that some investors go one way and others choose a different path.
John Corey