Wrapping up the First DEAL - Posted by Abe(SC)

Posted by Tony Colella on April 19, 2007 at 09:48:30:

I would not use their attorney. My attorney has found in nearly every foreclosed land/home deal we have done that the previous attorney(s) had missed problems in the title search and the fact that your seller wants to sell via special/limited warranty deed it sounds as though they have had the same experiece and want to limit their exposure.

Typically it is the buyer who determines who does the closing. Have your attorney (or title company) do the title search, obtain title insurance for you.

Quite often and especially when done in bulk the first problem is the home was never repossessed and had not previously had the title retired. The foreclosing companies send out these foreclosures in bulk and they get done as such with little attention to detail (from what I have seen) and by companies that are not familiar with the fact that mobile homes often remain personal property and as such the foreclosure of the land does not give them title.

The deal may still be worth doing but you need to cover you assets and at the very least get paid for the effort.

We go into much more detail about this in our land/home book and courses here.

Let us know how it turns out.


Wrapping up the First DEAL - Posted by Abe(SC)

Posted by Abe(SC) on April 19, 2007 at 06:37:29:

I have an agreed signed contract for purchase of land & mobile by way of Special/Limited Warranty Deed. My question is given the fact that according to the court records my seller was issued a warranty deed just this year that I’ll be fine closing with their attorney and accepting the Special/Limited Warranty Deed. I’ve already researched the taxes and made sure that there are no liens. I just want to make sure I’m covered whether I decide to rent or SELL. This was a foreclosure that was picked up by one investment company that was then purchased in bulk by a 2nd investment compay(my seller).

Thanks for the Wealth of Knowledge that you share.