Clean title and your Title Company in West Palm Beach
It’s no secret that since the market took a plunge, foreclosures rose and bank owned properties – or REO’s as they’re called in the industry – have become EVERYONE’S real estate of choice. Bargain hunting took on new meaning as prospective home buyers scoured the web in hopes to find a $350,000 property for less than $100,000.
However, over the past year, sales in South Florida are rising and less and less are short-sold or foreclosed properties. Experts say that the up turn is due to a decrease in unemployment. More money is flowing and people are selling! The bank owned properties are still out there and people still want them. In the midst of it all is a real “hot bed” of problems for prospective buyers to fall into. One of those problems is the issue of title.
Banks are not required to do their homework, but buyers are practically required to get a PHD in home buying. It’s a lengthy process to say the least and the first person you want on the front lines of this battle is your Realtor. Someone tried and true. The banks are not on the buyers side. Disclosure is not required and most likely they have never been to the property.
Next up in your corner is an attorney who specializes in title. Banks may not know anything about the properties title until you do so don’t expect them to tell you that there is a lien on the property before you make an offer or even after the deal is closed. SURPRISE! The buyer now gets to pay that too. With today’s market, those coveted “deals’ are looking more like “market price”.
There’s no need to run screaming when you see REO on a listing. BUT – without proper experts in the buyers corner, the bank may end up owning the buyer! The buyers only remedy in these deals is to cancel the contract and get their money back. With an attorney the buyer will know if the title is unmarketable quicker, kill the deal sooner, and move on to a new prospective home.
So the answer to our title question today – “How do you know your title clean” is simple. You don’t. The bank doesn’t. So hire a proper title company in west palm beach and save your transaction, your sanity and your time.