Oct 27, 2009

Tip 40-2009: Short Sales (Order Title Early)

A previous Tucker Tip (#18) mentioned that the Seller and/or the Listing Agent may want to consider a title rundown to verify what issues and liens the Seller has (2nd Deeds of Trust, Home Equity Loan, Judgments, etc). If the Seller has not had a recent title search performed, then I definitely recommend that the Purchaser have their own title search completed as soon as possible. If there are title issues, then this allows the Seller time to resolve these problems while the Short Sale Lender takes its time approving the short sale. This is especially true if the title search shows for example a Home Equity Loan which the Seller “forgot about” or “didn't’ think an equity loan was a mortgage”. In all of these cases, with subordinate Deeds of Trust or other surprise judgments, with enough time there is a good chance of resolving these issues before the short sale approval.

Please contact me if you have any questions.

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

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