DARK SKIES AND CLOUDY TITLES!  I am seeing an increase in the number of title searches that are coming up cloudy!  IRS liens, secondary liens from loans, etc. are the turning the days of clear title searches into very cloudy days!

This of course becomes a problem when a Seller needs to sell their home!  Recently on a transaction we actually had a very good experience with the IRS.  I know, hard to believe but true.

The Sellers had an existing lien from a private lender that would take most of the proceeds at closing.  The IRS had put a lien as well even though this was not the Sellers main residence.  Therefore, until the IRS released their lien and just encumbered the main residence, this townhouse was not going to close.

The Sellers diligently worked with the IRS and got to a person who walked them through the process and voila - they released the lien yesterday and we close today!  We were all in shock as we all know how slowly the IRS can be in responding.

The lesson learned here is to talk with Sellers about possible liens and how to get them dealt with effectively.  Also, having a strong Title Company to work with along with and agents who work together to deal with problems is the key!

In these difficult days, I believe we will see more of this going on.

  RE/MAX   Chevaux Group    

"Have you fully lived today?"

   Paula L. McDonald ~ REALTOR®

       Broker Associate - RE/MAX The Woodlands & Spring

       26113 Oak Ridge Drive Suite D ~ The Woodlands, Texas  77380

 936-203-0279 Direct

Selling The Woodlands real estate and surrounding areas!

Paula@ChevauxGroup.com

 

Copyright 2013 Paula McDonald

 
Post is included in group: MONTGOMERY COUNTY TEXAS
Post is included in group: Texas Real Estate
Post is included in group: The Woodlands Real Estate

15 Comments on DARK SKIES AND CLOUDY TITLES!

SEP
10
2010
275,890 Points 17 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Yet another factor that makes our careers so interesting and fun!  We are seeing these as well in Virginia.  Sign of the times...
9:28am • #1
761,437 Points 61 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

So right Kathryn.  We will all need to exhibit patience and team work to get through these.
9:30am • #2
248,112 Points Localism Sponsor Called Shot Master

We just had a title problem for a property bought at a tax sale several years ago...The title insurance company wouldn't cover it because they said there was no proof the original owner was ever notified of the sale...My seller, who bought it at the tax sale, allowed the seller at that time into the house afterwards to remove their belongings...But, no records...It's a mess...Enjoy the day.
9:31am • #3
761,437 Points 61 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Wow now that is an interesting on Ernie.  Keep us posted on what comes of this.
9:33am • #4
447,681 Points 11 Featured Posts Outside Blog Called Shot Master

One of my bank sale listings sold a couple of months ago but it can't close. Revenue Canada has a lien on the property that is larger than the place is worth.  Trying to work with Revenue Canada is like wading through molasses. I bet they are worse than the IRS.

I suppose these type of things occur more frequently in troubled financial times.
9:39am • #5
1 Featured Post

Paula - Glad to hear this all worked out!  I always like to pull a prelim at listing time just so we know upfront if there are any challenges that need to be worked out.  I had a client where they owned their home free and clear...but their payoff never got reconveyed or recorded!  Took a good month to get it straightened out, but with the advance knowledge we had it taken care of before the close.  Congrats to your sellers! 
9:39am • #6
816,627 Points Outside Blog Called Shot Master

With the tought ecomomy, we are starting to see this type of liens.  Got to what it carefully for our buyers.
9:42am • #7
608,283 Points 14 Featured Posts Outside Blog Called Shot Master

Oh yikes...just another hurdle we will have to jump through....I am seeing all sorts of crazy things on Title these days...weird easements that no one has records of....or they show up the last day...another that had one price but in order to buy the rest of the property....we have to pay additional dollars....and the rest of the property goes across thier patio and includes the septic drainfield!??!!   It is getting crazier every day! 
9:47am • #8
761,437 Points 61 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

We are all getting educated on some really challenging transactions.  I for one believe it will make us that much better of agents in the long run.
9:49am • #9
532,055 Points 45 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Sounds like you got through on the lucky side, I see most cases coming out like Ernies with no resolution in sight, I have to say Kathryn, interesting yes, fun NO....LOL Gotta keep your sense of humor
10:42am • #10
4 Featured Posts

It makes me so happy when my side gets to pick the title/closing company for reasons such as this.
10:52am • #11
687,256 Points 22 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

We are seeing More title issues as well and having a closing agent willing to work them out is a huge advantage..
11:59am • #12
537,236 Points 5 Featured Posts Outside Blog Attended Rain Camp

This is one significant reason why I'm helping Cherise with her blogs.  She spends much more time troubleshooting than ever before... g
3:43pm • #13
2 Featured Posts Attended Rain Camp

Paula, So true it seems like more and more there are "other" liens on the property. Thanks for sharing Jen
11:51pm • #14
SEP
11
2010
586,244 Points 4 Featured Posts Outside Blog Called Shot Master

Sometimes it is best just to open title as soon as you take the listing.
7:06am • #15

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Paula McDonald, RE/MAX The Woodlands, TX 936-203-0279

The Woodlands, TX

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Chevaux Group, PLLC

Address: 26113 Oak Ridge Drive, Suite D, The Woodlands, TX, 77380

Office Phone: (936) 203-0279

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