Posted by DJ-nyc on February 27, 2007 at 13:44:30:
Find another buyer and use the same Nations Title company to do the title work.
Good luck,
DJ-nyc
Title Problems - Posted by Jack
Posted by Jack on February 26, 2007 at 20:46:46:
(This was posted on the main news group, but I think it may belong here.)
A few months ago, I was approached by someone who wanted to flip a property to me that he was buying via short sale.
We did a double closing at a title company (Nation’s Title), and I bought buyer’s title insurance. He closed with his seller, then closed with me. I paid cash.
I had the trash hauled out and then offered the property to a guy who owns 15 houses on the street. We agreed on a price ($9K profit), signed a P&S and he gets his attorney working on the title. He’s been working on it for a month now!
There are several title issues, including tax liens, multiple SS# for previous owner. But the real head scratcher is that this house was a Habitat for Humanity house.
I’ve since learned that HH house owners can’t sell for 10 years without a release from HH, which has the first right of refusal. The flipper’s seller, who was deep into the foreclosure process, had only owned the house for 8 years, and no release has been found, yet.
If there is no release, then my flipper seller didn’t own the property, and couldn’t sell it.
My question is what the he!! did the title company look at before they issued the title insurance.
I’m just hoping that the title insurance covers this situation.
Any thoughts?
Cheers–Jack