“Bank Owned Doesn’t Mean No Title Issues”
I currently have three purchase transactions that cannot close because there are title issues. Even though the property may have been foreclosed, many of the so called foreclosure mills don’t always do a thorough job and just miss stuff that end up causing delays.
Personally I have a property on deposit and there is a title issue. This one is not bank owned but an estate. There was once a mortgage on the property that was assigned to others twice. Whoever handled the legal work arranged for a release of the original mortgage rather than the last company that received the assignment, the problem they didn’t have any authority to release what they had already assigned to someone else.There is sloppy work like this being done all the time that does nothing but hold up transactions from closing on time. I suppose expecting outstanding legal work is expecting too much.
image courtesy of cooldesign/freedigitalphotos.net
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