Posted by Bob In Indy on November 18, 2000 at 16:24:15:
The simplest answer is ‘no’.
Since it takes some time to get your ad in the paper and to get some response, I would run my ad even before I have the property secured.
My ad usually states that I have several properties available and I usually do. In this manner I can build a buyers list and then know better where I should be looking for properties.
However, if you are advertising a specific address, then I would notify the seller before running the ad so that they can voice any objections. Realtors must get permission to do this and getting the seller’s permission could be advisable.
In summary, run an ad that doesn’t give the exact address and record the deed immediately after completing the sales and purchase agreement.
Posted by Jim IL on November 18, 2000 at 18:42:39:
Anthony,
Record the deed right away.
This will keep the home free from any additional liens the seller may incur against the home.
At the same time, get your marketing in place for the home.
Start showing the home right away and get someone in it.
Place signs in the yard and at the intersections leading to the home.
Place an ad in the paper, and make up some flyers to place in grocery stores, laundrymats, apartment complexes etc.
Offer some terms when you sell and it will go faster.
Posted by Ed Copp (OH) on November 18, 2000 at 17:07:00:
A little something to think about Anthony,
If you do not record the deed then what is to stop the seller from selling the property again and again (and again) until the first person who does record is declared the real owner?
The seller might just decide to get a nice big second (third, or fourth) mortgage while you are trying to decide whether or not to recoed the deed. Think about that too.