Do your Homework on Encumbrances BEFORE buying... case in point...
Those of you in the business know the type of shenanigans that goes on with foreclosures here in Florida. I cannot tell you how many times we have a title report come across that simply is a trap for your average investor. A typical "Lien Search" or "Pencil Search" will not find these ticking time-bombs, but we at EasyTitleSearch.com pride ourselves in going the extra mile even on a simple $35 O & E (Lien Search) report.
Case in point. We had a customer purchase a title report on a property coming up for county foreclosure auction. The property was foreclosed on by the bank and a private investor purchased the property at the Palm Beach County foreclosure auction a few years back.
Just a few months later the homeowner had the foreclosure overturned and rightly so because the original mortgage was in excess of what the maximum APR is allowed on mortgages in Florida and because the banks never filed the proper assignments after it was sold and resold and the usual bag of "robo signings" on the foreclosure itself. The judge ordered the investor his money back and the investor got a mechanics lien for the $40k in improvements they already put in the house anticipating a flip.
Later the banks came back in filing the assignments after the fact, magically appearing missing paper work and redid the entire foreclosure. The homeowner foreclosure defense stood no chance as the judge accepted all the bank's excuses for the missing assignments, and paper work and they achieved a final judgement BUT the original investor who still had the mechanic's lien managed to get a Condition of the Order to Vacate, saying if the property was sold at auction he would be paid back his $17k worth of improvements.
Now this property came up for auction and 99% of the other O & E reports, Lien searches and pencil searches would have never found that Condition of Order, they would all see the original mechanics lien long expired and never put it on the report as still encumbering. Although we are low cost, our reports are high quality, and I'm proud of my team that saved an investor from bidding on a property with this $17.000 hidden trap on a property worth $130,000 probably close to 15% of the value!
If you've never tried our service, give us a call, we can handle any size account, up to 100's of reports per day, especially in Florida!
When you buy foreclosure title searches, Don't overpay! easytitlesearch.com
The title search process involves examining all documents recorded on public record that are filed against owners or a legal description of the desired property. We provide Ownership & Encumbrance Reports, commonly called "pencil searches" by the...dsicherman
Those of you in the business know the type of shenanigans that goes on with foreclosures here in Florida. I cannot tell you how many times we have a title report come across that simply is a trap for your average investor. A typical "Lien Search" or "Pencil Search" will not find these ticking time-bombs, but we at EasyTitleSearch.com pride ourselves in going the extra mile even on a simple $35 O & E (Lien Search) report.
Case in point. We had a customer purchase a title report on a property coming up for county foreclosure auction. The property was foreclosed on by the bank and a private investor purchased the property at the Palm Beach County foreclosure auction a few years back.
Just a few months later the homeowner had the foreclosure overturned and rightly so because the original mortgage was in excess of what the maximum APR is allowed on mortgages in Florida and because the banks never filed the proper assignments after it was sold and resold and the usual bag of "robo signings" on the foreclosure itself. The judge ordered the investor his money back and the investor got a mechanics lien for the $40k in improvements they already put in the house anticipating a flip.
Later the banks came back in filing the assignments after the fact, magically appearing missing paper work and redid the entire foreclosure. The homeowner foreclosure defense stood no chance as the judge accepted all the bank's excuses for the missing assignments, and paper work and they achieved a final judgement BUT the original investor who still had the mechanic's lien managed to get a Condition of the Order to Vacate, saying if the property was sold at auction he would be paid back his $17k worth of improvements.
Now this property came up for auction and 99% of the other O & E reports, Lien searches and pencil searches would have never found that Condition of Order, they would all see the original mechanics lien long expired and never put it on the report as still encumbering. Although we are low cost, our reports are high quality, and I'm proud of my team that saved an investor from bidding on a property with this $17.000 hidden trap on a property worth $130,000 probably close to 15% of the value!
If you've never tried our service, give us a call, we can handle any size account, up to 100's of reports per day, especially in Florida!
When you buy foreclosure title searches, Don't overpay! easytitlesearch.com
The title search process involves examining all documents recorded on public record that are filed against owners or a legal description of the desired property. We provide Ownership & Encumbrance Reports, commonly called "pencil searches" by the...dsicherman