How spending $150 can save you $458,000
Here’s the story. (From yesterday’s Tampa Bay Times)
Not far from Treasure Island on Florida’s Gulf Coast, a couple from Orlando were bidding on a beach front condo that was featured in a foreclosure auction.
The auction was held online and appeared to be a bank foreclosure.
Thinking everything was safe, the couple continued to bid until they were declared the winner at $458,000.
They thought this was a deal for a beach front condo that could be used by their family or rented out for income.
What they did not know is that another bank held a first mortgage on the property.
Which means that they did not really own the condo free and clear. And the bank that owned the first mortgage was getting ready to foreclose on their vacation home.
It is a huge mess that could have been avoided by having a title search completed prior to the auction.
In Nashville, you could have this work completed and reviewed by an attorney for $150 or less. Yet, many times that I recommend that someone get a title search prior to a purchase, I get pushback.
To me, it seems like common sense.
Why would you give someone nearly a half million dollars for a home, when you haven’t even checked to make sure they are the proper owner.
It’s like buying the Brooklyn Bridge in real life.
Don’t let the shining lights of a “great deal” blind you into making a bad purchase.
We have no affiliate relationships (or business interests) with any of the lenders, attorneys, inspectors or any one else that we might recommend.
Our only commitment is to you.
If you have a question about title searches or title insurance, hit reply. I promise to answer your question or point you to a good attorney who can give you advice.
The Daily Deal in Nashville is an all-brick, 4 bedroom home near Priest Lake in Hermitage that is listed for less than $300,000.
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