Tittle - Mortgage and Judgement Searches - Philadelphia Real Estate
When I first started I had a settlement or two blow up at the very end of the deal when it was determined that the seller could not clear title as the seller would have needed to show up at the settlement table with money ! I had another one where this was not even known until we were at the settlement table. I was looking at the settlement sheet dumbfounded and not knowing what to say to the sellers, the buyers, the buyers mortgage company and the title person ! You can imagine how I felt !
The good news about bad experiences is that you learn a lot ! Ever since then, I make sure that the title report is ordered from the beginning and follow-up on the title items (mortgages, liens, water, gas, taxes, judgements, etc...) as soon as I get the title report back. Over the years I have seen many deals where the other agent neglects to even read the title report - have you seen this happen ? It can cause not only a delay in closing but maybe a complete blow-up (as in my case above).
Now when I list the property and their is a situation with the seller, I will order a mortgage and judgement search right from the beginning. This way (chances are before a deals comes in) I know exactly what we are dealing with and know what the seller needs in proceeds to clear title. Or this information may lead to a potential short sale opportunity. Either way, it is imperative to plan ahead in this market. Otherwise, there could be a lot of people wasting time and money for deals that will never settle !
A good example is that I have a settlement tomorrow where a mortgage and judgement search was already done by my title company in the beginning. The title company that the buyer is using said deal could not be done unless the seller brings $5,000 to the settlement table. After I sent the info that I already had, the seller is now receiving a check for $7,000 tomorrow ! Deal went from "dead" to "alive" in a matter of one business day based on our planning ahead.
Do you plan ahead for the sellers you represent in regards to title issues ?
Do you order mortgage and judgement (M&J) searches ahead of time for these types of deals ?
Philadelphia Real Estate - Chris and Stephanie Somers
Philadelphia Real Estate Blog
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On the mortgage side...I ALWAYS order title right away....and get a copy over to the Real estate agent as soon as I see it. If there are any murky issues, we both work on clearing them up. Thanks for the post!