Posted by NJ_Investor on February 03, 2006 at 14:03:49:
NT-Following thread
how do you guys do it? - Posted by JackN
Posted by JackN on February 02, 2006 at 10:06:55:
I have contacted the owner in foreclosure and he is willing to go ahead with my deal. The problem is that his house is scheduled for sheriff sale in 6 days.
My attorney says that it will take at least 2 weeks to get the title work back. What do you guys do in such situations?
I know I can try to adjourn the sale but my real question is: is there a quicker way to do title work and close the deal? Please help
Re: how do you guys do it? - Posted by Randy (SD)
Posted by Randy (SD) on February 02, 2006 at 11:15:07:
Have the seller notify the foreclosing lender immediately! Most lenders will delay a sheriff’s sale when presented with the verifiable documentation a sale has taken place. Also as previously suggested contact other escrow company’s or ask your attorney or whoever is performing the title work to assist in notifying the lender of the “work in progress” they would be far better off the waiting one week passed the sale date than proceeding with the foreclosure further clouding the title and complicating the sale.
Does your state have any redemption rights for homeowners in foreclosure? If so, you’re still in luck it will be a little more complicated closing, if no redemption rights exist thier still better waiting one week…
Re: how do you guys do it? - Posted by IB (NJ)
Posted by IB (NJ) on February 02, 2006 at 10:23:30:
Call a title company until you find one that can deliver a policy in 3-5 days. Check with investors in your area (also post where you’re from - there may be some investors here in CRE who can help) to help you find a title co.
Re: how do you guys do it? - Posted by JackN
Posted by JackN on February 02, 2006 at 11:11:43:
thanks IB, I am in NJ as well. Do you know such a title company?
also - Posted by JackN
Posted by JackN on February 02, 2006 at 11:12:58:
do you use attorneys for that or just go straight through title company?
Re: also - Posted by IB (NJ)
Posted by IB (NJ) on February 02, 2006 at 16:30:26:
Jack you stated:
“I know I can try to adjourn the sale but my real question is: is there a quicker way to do title work and close the deal?”
You have to take control of the deal. Right now you’re giving too much control to your attorney. 2 weeks is the average time on an average deal done by an average property owner. You’re not average. Nor do you have 2 weeks. You’re an Investor who takes control and makes the big bucks for doing so.
Call Bill Dowd at Old Republic Title in Roselle Park ((908) 245-7800) and tell him that Ibrahim (EEBraheem) referred you. Let him know that you need title work done asap and that it’s a sheriff sale. Then call your attorney and tell him that you’ll order title and have it sent to him. In fact, order your own title work for now on. Whenever there’s a title problem, you’ll find out right away instead of waiting for the title co. to get in touch with your lawyer and your lawyer getting in touch with you. Always have the title company fedex you a copy and the remaining copies to the attorneys.
Since you’re in NJ, defeinitely file that adjournment. In most counties you need the seller and a $28 money order. Email me at eeb88@yahoo.com and I’ll give you my ph. nmber to call me if you need more help. Preforeclosures right before the sale is right up my alley.
Thaks IB - Posted by JackN
Posted by JackN on February 05, 2006 at 22:52:18:
Next deal I will go directly using Title Company. I have been doing this for almost 2 years finding good attorney is a real challenge. Thanks for the info.
By the way, how many deals do you do a year in North Jersey area? I did 6 last year, but I am trying to do at least 12 this year
Re: also - Posted by Matt
Posted by Matt on February 02, 2006 at 20:44:35:
IB - What counties in NJ are you investing in?