Quote:
Originally Posted by Delgar
Thanks for the thanks, everyone.
When you said "foreclosed" (as opposed to "in foreclosure") I take that to mean that the foreclosure was completed. If that is the case, a new title will have been issued and there will be no CLP (and no mortgage) on title. If the foreclosure is ongoing, I agree with onetwo_threefour that current title search will get you to the CLP which will get you where you need, and quicker. I also agree with the rest of his comments, they are spot on. If the foreclosure action is ongoing, different considerations apply. I agree with much of Realtor 1's comments in that regard, he's talking about an ongoing foreclosure not a finished one, but I disagree with a few of his comments too.
I also missed a step, which is, you can't go to the registry with the municipal address and get the legal description to do the search. First you take the municipal address and do a municipal tax search (in the City or Municipal District where the property is) and that will give you the legal description, which you then take to the registry.
This isn't really something I'd take a retainer on, but if you PM me the municipal address I'll have my assistant obtain the procedure card for the foreclosure action. Law firms are plugged into the registries so its pretty easy for my assistant to do. From there I'll let you know which documents you should get from the court house, but to get the documents you're on your own. You'll have to go to the courthouse and order the documents, and they'll charge a buck per page. Some appraisals can be quite thick. You can also just ask to look at the file and take notes.
Finally, look at Deegee's comment, this is key. He said the financial institution doesn't care about the value of the property as much as they do about how much money they have tied up in it. I think Deegee works for a bank based on his comment, and while I don't, my experience is the same, banks aren't in the business of making money off property, they make money off the loans for property. This means, there might be a deal to be had, and a really good one if you can get to them before realtor commissions kick in. The bank will consider the commission in addition to the money they have tied up when evaluating offers. Also, if you finance the purchase through the bank you buy the property from, they'll be even more willing to make a deal.
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I agree with your and Deegee's perspective that once the bank actually has title the sale price decision is more driven by what is owed than fair market value.
You were paying a bit closer attantion than I was, I think. I was assuming the property was 'in foreclosure' as that is what I deal with 99% of the time and most laypeople don't distinguish between 'in foreclosure' and 'foreclosed'. However, if the neighbour has got wind of the situation woithout there being a realtor's sign on the lawn, it's just as likely that the foreclosure is complete as you say. In that case I would agree that a historical title would be necessary to get the parties names, but I believe the CLP would show up on the historical title,no? If so, you can still skip the name search.