title: Beware of Undisclosed Liens! - 02/09/10 02:05 PM
Whenever any sale is negotiated, the new buyer should be buying the property free and clear of all liens.  All liens have to be paid or negotiated in the short sale.  If the new buyer is purchasing with a mortgage, the new mortgage holder will require a thorough analysis of title to make sure no other liens exist and also require title insurance to insure that nothing was missed.  In the past, it was cutomary to get this title work prior to closing.  It's important to get it done as soon as possible in today's market. 
There is more danger for … (2 comments)

title: The Truth about Banks involved in Sales - 02/03/10 04:18 AM
When a home is sold in "Short Sale," the market price of the home is less than what the owner owes on his/her mortgage or mortgages or other liens.   Just because the market is down, it does not mean that the mortgage company will approve a short sale.  Contrary to many misconceptions, they are in no way obligated to even consider a short sale.  Moreover,  some properties have more than one mortgage with more than 1 bank and possibly other liens or clouds on the title.  All lien holders have to agree to any negotiated contract or be paid in full.  

Diana Cessna (Effective Technical Group, LLC)

Diana Cessna

Tampa, FL

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Effective Technical Group, LLC

Address: P.O. Box 1132, Valrico, FL, 33595

Office: (813) 957-4237

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