Thinking about buying a foreclosure in Cape Coral, Fort Myers or Lehigh Acres Florida? Well in some situations you the home buyer might want to pay for the title work . Yes pay for your own title work in which is normally paid by the seller. Please let me explain.
There are many different banks and mortgage companies selling bank owned foreclosures, as well as Fannie May and Freddie Mac . There are some banks where they run all their inventory through one title company for the entire state of Florida. This can cause delays in closing as well as I have seen and heard of the deeds being delivered to the buyer 8 weeks after closing delivered by the United States post of
fice.
Working with an experienced Realtor they should be able to find out who the owner of the property is and what title company and or attorney will be handling the closing for the bank? If you are the buyer you can elect to pay for the title insurance, you may not be able to get the bank to agree on how is doing the closing but the company doing the title insurance is the key in most situations
It is not so import about who is doing the closing, but if your paying for the title work with a local title company that knows all he local issues with liens, assessments you have a lot better chance if there are any issues on the title? or current or future assessments they will be able find this out for you before closing. Then a a title company that knows the local real estate market. it may cost you from $500.00 to $1,500.00 depending on the cost of the home and the work involved in completely the title work, but it is well worth every penny of it !
Buying a bank owned foreclosure can be a great rewarding experience ! There are some very good deals out there , but there are some risks too !
Make sure your working with an experienced Realtor and I look forward to seeing you here in Paradise !
Joe Kendall, Broker Associate Sandals Realty
Waterfront & Foreclosure Specialist
Phone 239-560-0726 Fax 239-236-0422
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Joe Kendall, Broker Associate with Sandals Realty
Waterfront, Foreclosure and Bank Short Sale Specialist !
Phone 239-560-0726 email joek4realestate@aol.com
