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The Bursting Bubble of Real Estate

Know What You're Buying!

I recently had a transaction where a Buyer was purchasing a lot that the Seller purchased at tax sale.  We ran in to problems when the title search came back because the chain of title included a couple of tax sales and several deeds that lacked a legal description of the property.  Now, these things can normally be worked out but they take some time...tracking down previous owners, quiet title actions, etc, are not things that happen in a matter of days, it could take weeks or even months to straighten them out.  Unfortunately, this buyer was anxious to get on with the business of building their home and waiting wasn't an option.

The point I am trying to make here is know what you are buying.  If you are purchasing a property or home that was involved in a tax sale, foreclosure or some such not-your-run-of-the-mill situation, be prepared for stuff like this to come up.  These situations do not always mean there will be title problems, but chances are certainly better that something might come up.  Be prepared for the possiblity by discussing it with your agent, and save yourself alot of stress and heartache.

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