Posted by Rick-MI on August 09, 2006 at 20:36:11:
I changed to a title company that uses a different Title Insurance company and am scheduled to close this Friday afternoon.
I have heard from another investor that the Title Insurer is now doing this throughout the country because sellers in foreclosure are in distress and a higher risk for title claims later.
Please pray that this one closes as planned on Friday.
Thanks for your reply.
Rick-MI
Title Co req seller to sign docs of RE inTrust - Posted by Rick Olson
Posted by Rick Olson on July 24, 2006 at 15:11:41:
Hi Everyone,
Thank you for taking time to respond to my question.
I am about to close on a foreclosure property that I hold in a Land Trust. The title co says that their underwriter is not satisfied with the transaction because the previous owner was foreclosed upon and under distress when they sold the property to me in a land trust and is requiring the sellers to sign the closing docs and deed. I am the Trustee of the Trust, I have an Assignment of Beneficial Interest, and Deed into Land Trust.
This same title co did a similar closing for me in February with no problems. The underwriter says they are now requiring this for all Land Trusts because of the number of investors that are doing it and the claims that have been happening because of it.
The closing is supposed to happen later this week, and I don’t know if I can get the seller to it because of health issues, and I don’t want any of my sellers on any of my properties involved in my flips. HOw can I get around this? Is anyone else having the same problems?
Thanks,
Rick- MI
Re: Title Co req seller to sign docs of RE inTrust - Posted by Tom
Posted by Tom on August 03, 2006 at 19:01:50:
how did it turn out? Do you need a new title co?