Short Sales: Review The Preliminary Title Reports, Don’t Just Have Them Pulled.

WHAT IS A PRELIMINARY TITLE REPORT?

A title is a legal document listing the history of ownership of a home. After the buyer and seller have reached mutual acceptance, an attorney or title company will pull title on the subject property and review it for any problems that might prevent the home from being legally sold. The results are written up in a preliminary title report.

REVIEW THE TITLE REPORT: LESSON ONE

Throughout the years we have learned that having a Preliminary Title Report pulled and reviewed by escrow is not the most efficient method as many times it will not get reviewed till too late in the game and eventually something will slip through the cracks. Take action and review the title report yourself. It’s important to review the Title Report as early as possible to ensure that all liens and judgments are being addressed when you are processing a short sale. Look for the deeds of trust to confirm the number of mortgage lien(s) that you should be working with. If the title report states that there are potential liens and judgments have a Statement of Identity completed to confirm or deny any additional liens that may be on the property. There is nothing worse than processing a short sale and getting to what you think is the closing stage and then finding out there is an additional lien that needs to be worked. Reviewing a Prelim may be difficult at first to the untrained eye, but once experienced many times you will prevent potential heartache. Please keep in mind that this is only an introduction and future lessons will come up.

Brett@ishortsalenow.com - www.ishortsalenow.com

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