Foreclosed or REO properties in Florida look like a bargain, but a property lien search can uncover issues that will be more trouble than the perceived savings.
Real Estate Owned –or REO – properties are those that have been foreclosed on and the lender has now taken ownership of the home and its property. They then will make an effort to recoup part of the money lost by selling the home for a reduced price through a real estate agency or at an auction. Depending on the lender, and their policies under these circumstances, they may have:
Are You Scared That a Property Lien Search is About to Burst Your Bubble?
Having come off of the high of house hunting and then finding your dream home, the idea of hiring a professional for a property lien search seems like pushing the pin into the bubble. Your offer was accepted, and a closing date set, and now you are told that there is an important next step that could possibly break the deal. Before you let this news burst that bubble, there are some things you should know about a home title, title insurance, and the property lien search.
Understanding the Significance of an IRS Lien on a Florida Home
When you are getting ready to purchase a home in Florida, expect to be compelled by your mortgage lender to have a property lien search performed. They will not only want a search done of the home’s title, they will want you also purchase title insurance to protect their interest. One of the bank’s many concerns about the title for the home you are buying is the presence of a lien placed by the IRS.
Why Does the IRS Place Liens on a Title?
As you know, each..
Understanding a Judgment Lien in a Property Lien Search
When contracting a professional to do a property lien search, most homebuyers assume that this is just a formality and everything will turn out just fine. Unfortunately this is not always the case, as title searches do sometimes turn up liens on a home title that must be addressed before the sale of the house can go forward. Once of these is known is a judgment lien, and will require the cooperation of the both the seller and the lien holder if you want it removed before your closing date.
What is a Judgment..