I feel kind of like Crystal now, having to write these horrible blogs about all the legal issues of buying a house, title issues, flood plain issues, property lines, etc. If you haven't read about my problems, check out my previous blogs. We made an offer on a house (not for invesment, personal, but still a rehab) in January, were supposed to close in February and ended up closing a couple of weeks ago. Short story is that there were flood plain issues, IRS leins, etc. This is the end of the story:
We planned to close on a Monday. As far as we knew all title issues had been worked out, all the documentation had been submitted for the loan, utilities were scheduled to be turned on, etc. On Friday we receive an e-mail. The title company would not close because they found out that there was still a person out there who had a right to purchase (Quit Claim Deed?) the property. Here is the story as we were told:
The house was going into foreclosure and an investor approached the bank and placed an amount down in order to get the right of redemption. Apparently, the owner (occupant) of the house still had the right of giving that to someone else, which they did. This superceded the first deal, so the bank attempted to contact the investor and tell him to come get his money back. He never got in touch with them. Now the title company found this on the title and had to get in touch with him to get the needed documentation from him. Luckily, they were able to get this taken care of on that Tuesday and the title was officially CLEAR!!! after months of issues.
Now I have had the joy of getting to spend the last 2 weeks scraping/sanding popcorn ceilings and coming home covered in a thick layer of dust each day. Finally, that is done and we can move on to the fun stuff. There is a picture in my pictures of the house with the new roof.
I have been so busy with this. I have gone over to the house almost every day straight from work and then working there till 9 or 10. I'm sure you all can relate. Hopefully I'll have some time soon to get a picture of me wearing my new RealEstateInvestor.com t-shirt posted on here soon.
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