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Wednesday, July 02, 2008

Title Issues Delay Closing

Does anyone in Oklahoma know what they are doing? I just heard from my title agent that there are two issues with the title to Rental #1:

  1. There is a previous mortgage listed in the names of some people I've never heard of. Why is this being discovered now? This should have been discovered when I first bought the property or again when I refinanced the property - two previous occasions when title work was performed on this property.
  2. The private mortgage that one of my companies made to another is showing up as a second mortgage. Not only is this incorrect, that mortgage was paid off through a refinance about a year ago.
I hate incompetence.

1 comment:

Home Inspectors said...

All I am inspecting now in southern california now are foreclosures and REO's and short sales, they have consumed the market and it will take a few years for this to clear up. Too many people bought homes they couldn't afford, the banks lended too much money to people that couldn't afford them, and now you have a market that has crashed in value. Its a deadly bubble that was due to happen. I thought my home inspection business was going to dive, but now everyone that was standing on the sidelines are now buying homes at once again reasonable prices. It was a market correction, that's all. Just like all things, what goes up must come down!

I do advise all of you, whatever property you purchase make sure you have a comprehensive home inspection performed. Everything from foundation, roofs, electrical, plumbing, heating and AC should be checked by a reputable company. And Find your own inspector! Don't always trust your agent's referral guy. Make sure you see a sample of an inspection report first before hiring your inspector.

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