Posted by Esther Korn on 9/27/08 10:34pm
Msg #265604

Title companies working in foreclosures

Does anyone know of any title companies working with foreclosures? If I am not mistaken, there are certain requirements from title companies regarding the sale/purchase of foreclosed properties, and not every title company can work with foreclosures. I live in Florida and would like to connect with title companies and signing services that work with the sale/purchase of foreclosed properties. Business is terribly slow down here and I am sure there are numerous purchases of foreclosed properties. Can anyone help? Thank you!

Reply by 101livescan on 9/28/08 12:45am
Msg #265612

Hello, Esther, this is easier than you realize. My own experience in CA, and I'm sure it's not any different in Florida, the lender who has taken the property back through foreclosure (reverted to the beneficiary) calls the shots, that is they name the title company they will use when selling to an investor/purchaser. That's the way it is in CA whether you're purchasing a home in or out of foreclosure. It's not the lender who finances the new loan, unless of course it happens to be the beneficiary who is financing the home.

Some beneficiaries in CA are using title companies that charge about four times what a normal escrow/title company would charge, I guess trying to recover some of their foreclosure costs.

Reply by Stamper_WI on 9/28/08 9:12am
Msg #265621

Are you talking about the sherrif sales? What I see here is that they are listed with a realtor. There are special proceedures etc. Some of them are listed on the HUD site. Check the property for sale.

Reply by Sylvia_FL on 9/28/08 10:19am
Msg #265625

I know someone whose house went into foreclosure. Lender got a judgment against him and his wife for the outstanding mortgage, attorney fees etc. Court papers say the house would be sold by the Clerk of the Court to the highest bidder for cash at the Government Center.

(This was an Ameriquest loan)

Reply by Sylvia_FL on 9/28/08 10:22am
Msg #265626

Here is a link to Florida foreclosure laws:

http://www.realtytrac.com/foreclosure-laws/florida-foreclosure-laws.asp

Reply by MichiganAl on 9/28/08 1:46pm
Msg #265636

I do in house closings with two title companies that handle about 90% of the foreclosures here in Michigan. Of course I'm not going to list their names, but I can tell you that you better know your stuff inside and out. At least in the case of these two companies, I actually have to handle all of the funding requirements. I go through the package ahead of time, review all closing instructions and file notes to determine what additional documents have to be signed or brought to the closing such as C of O, termite inspection report, purchase agreement addendum, etc. After the signing, I review to see if we have lender funds, seller signed docs, fax all funding requirements to the lender, and determine if we're clear to issue checks. I wait for authorization to disburse, and once all that is done I take it to a supervisor who reviews everything and issues checks for me to disburse. It's a whole different ballgame and something that even years and years of experience didn't prepare me for.

Reply by Linda_H/FL on 9/28/08 2:02pm
Msg #265641

Sounds like you're more of a Closing Agent than a Signing

Agent, Al....lots more responsibility and more details to watch for....

Reply by Julie/MI on 9/28/08 8:48pm
Msg #265656

? for you, Al

Who are the buyers? Are you seeing investors or people that plan to live in the homes.

I just had one in Warren, Macomb County. $7,500 for a 3 bedroom vinyl sided home in Warren. Young guy, who plans to rent it out.

Reply by Dorothy_MI on 9/28/08 9:08pm
Msg #265657

Most of the REO's

that I've closed recently have been investment properties. Although I did one last week in Holly for under $40,000 that a 60ish woman was buying for her daughter to live in.

Reply by MichiganAl on 9/29/08 12:40am
Msg #265662

Re: ? for you, Al

You'd be surprised how many of them are being purchased as a primary residence. 90% of the Detroit properties are investment properties but I'd say outside of Detroit more than 50% are being bought as primary residences either for the buyer or for a relative.