OfflineI found a really good article by James Kimmons on about.com regarding Clouded titles and their viability. Here it is.
A valid strategy in real estate investing involves the purchase of properties at a discount because they have title problems or a clouded title. The investor can hopefully purchase the property below value, correct the title problems and then sell it at a profit. These clouded title issues could involve:
Federal, state or local tax liens
Liens for work done on the property
Missing heirs with possible claims on the property
Boundary or survey disputes
Other claims on ownership
The critical aspect of this investment strategy is to be sure that there is thorough research into the title problems, preferably by a title or abstract company or attorney who specializes in title searches. Once you've identified the problems, then you need a qualified attorney to give you an accurate idea of the cost to correct them. If doing so still leaves you with a property you own below its real value, then you probably have a good investment.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
I am reposting this because it contains some really good info and maybe some of you will find it useful - I did
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
What is the best way to locate these properties?
Al
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
ASK FOR THEM!!
Just like you post ads looking for REO's, FSBO and anything else - just post ads saying something like...
Do you have a proerty with clouded title - MAYBE We can HELP!
Just let the enduser know you are available to discuss this issue with them and maybe provide some sort of assistance.
You see most realtors and buyers walk away from these types of deals because they do not want to deal with the hassel. But I have seen my parents buy apartments and homes using this same strategy - they found properties that were aire properties ad contact all of the aires and made an offer as a whole.
They always seemed to take it - probably thinking it was better to get a little something that NOTHING at all. Ant that is what would happen if it was left tied up.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Thanks Anita, The answer was so simple, I looked right past it.
Al
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
I am just glad that there are so many different avenues for us to profit from real estate out there. Bt like Dean says, THINK A LITTLE DIFFERENT!
Good to hear from you.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
You are so full of good informations. I'm glad to have you on my team, lol. I have a good attorney who specialize in title search. Maybe this is another options i can consider as a real estate investor. Thank you so much for the informative information.
Lloyd
It is nice to be of help because I find so much of it here myself. Glad you are feeling better and good luck on your new deal
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"