I think I just found out the seller of the house was bankrupt at one time,will that affect us getting the house? Also can I do my own title search somewhere free? I want to see if it is clear..
Thanx.
N.
2007-05-13 11:59:09 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
No,the seller is a she,and our co-signer is purchasing the house for us & he has a lawyer.
2007-05-13 12:35:06 · update #1
His prior bankruptcy doesn't matter. What does matter is that you get a professional title search and title insurance to guarantee the results of the search. Your lawyer for closing will arrange all of that. If you intend to purchase the house without a lawyer, god help you - you'll get screwed.
2007-05-13 12:12:33 · answer #1 · answered by squeezie_1999 7 · 0⤊ 0⤋
For a very similar situation a found a great solution at: LOANSVAULT.NET-
RE Bankruptcy?
I think I just found out the seller of the house was bankrupt at one time,will that affect us getting the house? Also can I do my own title search somewhere free? I want to see if it is clear..
Thanx.
N.
2014-10-06 19:49:02 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you live in a state that does Real Estate Closings with the help of Title Companies and you are getting a mortgage to buy your new home, the lender you are working with to buy the home will order title work and you are allowed to see the title work in order to close on the home. Your lender will not be allowed to close your loan if your title work is not clear. That is what title insurance is for. You might want to invest in an owners policy of title (a 1 time fee at the time of closing) and that will protect you - the other policy protects your lender against any title defect.
If you are not getting a mortgage and paying cash I would recommend using a title company in your area to represent you. As an FYI, not all attorneys actually know what they are talking about when it comes to mortgage and real estate transactions. Typically, they represent estates and other aspects of real estate. A Title Company has an attorney on staff and your title policy is examined by their attorney. Talk to friends and family and see where they have closed on their transaction and if they were happy. I don't think you need to waste the addtional fee an attorney will charge. No matter what, if you get a loan you will need a title company. Just pay for those services and you will be protected.
2007-05-13 20:15:52 · answer #3 · answered by mrsfoster 2 · 0⤊ 0⤋