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I'll Take My Coffee With One Prelim Report...
OK - here is a case for actually sitting down, with a cup of black coffee and reading the entire preliminary report you receive from title companies!
I recently represented a Buyer that purchased a home from a Seller who, by all accounts, appeared to own the home -- he lived there, he was behind a few HOA payments but agreed to take care of that; he made all the repairs we asked for, the house was well-cared for, and he signed all docs indicating - he was the owner.
About 27 days into our 29 day COE - I receive a frantic call from the listing agent.  I think these were her exact words,
 "Did you see that this house is up for auction tomorrow?" 
Yep.  And NO! - I did not!  And why didn't I?  Because I did not thoroughly read the entire prelim report!  And I figured the listing agent would have done her homework -- BEFORE she listed the house - making full disclosures! (Another post - another time!)
Back to the prelim -- we were scheduled to close on August 29, 2008.  Date of auction:  August 28, 2008.  Here is a copy of the prelim - Page 4, Schedule B ... more

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