Posted by Cheryl Lopez on March 04, 2004 at 22:42:50:
Hi Serge
Title companies usually send the buyer a “prelim” within a few days of opening an escrow. The prelim would show any liens, taxes, recorded notices against the property. This document would have shown the notices of defaults and sale date recording.
Next time BEFORE you write an offer have your agent ask the title company for a “property profile” which shows the recorded documents against the property. The title company usually will not prepare a “prelim” until escrow has been opened.
(Now all what I just said is how California does it … maybe your state has different procedures.)
Anyone experience with similar situation?
Found a house, had it under contract to purchase(using a realtor). I found out today the house was sold yesterday at a foreclosure. The Seller’s agent (realtor) was the one whom informed my realtor this morning of that situation. He was contacted by the now new owner. I had not a lot but still a few hundred dollars invested in that deal. Does any body know what steps I should take? Obviously, the seller wasn’t honest and forgot to mention to her realtor some crucial info.
suggestions?
Thanks for taking time to read my email.
Regards