I'm new to Dean's program! I just completed the Insider's Edge workshop and am really eager to get started. However, I am kind of confused about Title Searches and had a question.
I know that for any kind of transaction, you need to do a Title Search to make sure there are no liens on the property before you put it under contract. However, I am unsure about how you would go about this in a smart way.
For example, I'd like to start with whole-sales. I know that I can put a property under contract with a motivated seller. BUT afterwards, I should do a title search and make sure there are no liens on the property (and if there is, I can back out of the contract). When I searched online, there are businesses that can do a title search for you but they cost around $100 per search that you do. So my question is, what if you find properties that look ok until you do the title search and find out there are tons of liens on it? Then you just wasted $100 doing the Title Search. This is not really a problem as a fudge factor in some deals, but if you do this and the same result happens a lot (you see liens on the property), then you just wasted a lot of money doing the title searches. Does anyone have any advice on how to go about title searches in a smarter manner? Or do I have some information incorrect? Any help would be greatly appreciated, thanks!
Hi everyone,
I'm new to Dean's program! I just completed the Insider's Edge workshop and am really eager to get started. However, I am kind of confused about Title Searches and had a question.
I know that for any kind of transaction, you need to do a Title Search to make sure there are no liens on the property before you put it under contract. However, I am unsure about how you would go about this in a smart way.
For example, I'd like to start with whole-sales. I know that I can put a property under contract with a motivated seller. BUT afterwards, I should do a title search and make sure there are no liens on the property (and if there is, I can back out of the contract). When I searched online, there are businesses that can do a title search for you but they cost around $100 per search that you do. So my question is, what if you find properties that look ok until you do the title search and find out there are tons of liens on it? Then you just wasted $100 doing the Title Search. This is not really a problem as a fudge factor in some deals, but if you do this and the same result happens a lot (you see liens on the property), then you just wasted a lot of money doing the title searches. Does anyone have any advice on how to go about title searches in a smarter manner? Or do I have some information incorrect? Any help would be greatly appreciated, thanks!