I recently read a very good article detailing the differences between a general warranty deed and a special warranty deed. The article was written by a real estate attorney. After describing the two he went on to give his opinion. His opinion was that agents are not necessarily helping their client by accepting a special warranty deed when negotiating a foreclosure.
While in theory this may be correct but in the real world, do we have a choice? If you say yes, then I have to ask, Have you tried it? I have. The result? My client ended up with a special warranty deed and extra attorney costs.
I think everyone has to keep in mind that in a foreclosure, the seller has absolute control. They know the property is being sold at a lost and they also know if there is one offer there will be more. It is not a typical sale where the seller is on pins and needles hoping the negotiations go well. Foreclosures are typically take it or leave it.
My experience has been that you can ask and then drop it. Even if your buyer hires his/her own closing attorney they are still going to end up with a special warranty deed.
If anyone else has been able to accomplish something different I would love to hear how. It could be an education for all of us.
Todd Pierceall
Prestige Properties
www.prestigeproperties4u.com
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