Posted by pboone on December 26, 1998 at 18:37:07:
FDIC properties sold under 25K work the same way, We make offers “subject to sellers acceptance of title report” then we pull a pre-lim to see if any leins are on the property. then we are able to see what other cost are involved if any
Pat
REO Question - Posted by Ray(OH)
Posted by Ray(OH) on December 26, 1998 at 17:03:02:
We made an offer on a bank owned property and were told by the agent that they would only make transfer with a “Quit Claim Deed”. Our lender will not finance a property without at least a general/limited warranty deed. Our offer was contingent upon a general/limited warranty deed.
This seems to me that they know there is at least some kind of cloud on this title, or is this in fact “Normal”.
Any advice/comments on this question would be greatly appreciated.
Thanks,
Ray
Re: More Info - Posted by Ray(OH)
Posted by Ray(OH) on December 27, 1998 at 10:05:45:
Thanks for the help Irwin and PBoone!
We found out yesterday we lost the property to a higher bid.
The bank was not willing to insure it.
The contract read “General or Limited” warratny deed.
We will be doing some more investigating into what is considered “the norm”.
Thanks again you two!
Ray
Re: REO Question - Posted by Irwin
Posted by Irwin on December 27, 1998 at 06:12:53:
Tough situation. Is the bank giving you title insurance? If so, the lender might accept the Q/C deed along with a mortgagee’s title policy and an insured closing, i.e. the title is searched and insured through the date of closing.
Also, there is either a Gereral OR a Limited Warranty Deed, but not a General/Limited Warranty Deed. It has to be one or the other. Maybe the bank didn’t understand what kind of deed was requested.