May 21, 2009

Tip 18-2009: Short Sale (Title Search for Seller)

Short Sale (Title Search for Seller):

Recently I have been required by the short sale negotiator to provide a title rundown to determine what other liens (inferior Deeds of Trust and Judgements) may be on the property. Sometimes in negotiating the short sale approval you can wait for the contract purchasers to complete their title search. It may be a better strategy to obtain a title rundown (current owner search) early in the short sale process. This will enable the Seller to know exactly what other liens have to be dealt with as part of the short sale approval. (An additional advantage is it will allow the Seller or their attorney to begin obtaining releases of any Deed of Trust and/or Judgements which have been paid off but not released of record.) Please contact me if you have any questions.

William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, Virginia

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