Chat With Jenny

Since several people are looking for short sales, or foreclosures; I thought you might like to know the following tip I found from a local attorney:

"SHORT SALES & EARLY TITLE SEARCH): Recently I have had two approved short sales delayed because of unresolved title issues which were not discovered until the Purchaser completed their title exam. In both cases, the Purchaser’s settlement agent did not order the title exam until after the approval by the short sale lender.

Please do not wait to order the title exam. I recommend the following:

Listing Agent: Immediately with the listing, order a one owner title update. This update discloses all Deeds of Trust, liens and judgments which need to be negotiated.

Selling Agent: Request that the Purchaser’s attorney order the title exam very early in the process. Even though the listing agent may have a one owner update, the full title exam may undercover other problems which can be resolved while waiting for approval from the short sale lender.

For more information about this issue please review two previous Tucker’s Tips, #18-2009 & #40-2009

Please visit http://TGBlawre.blogspot.com/ for previous tips. I’m also available at 434-951-0858 if you have questions.

Tucker

William D. Tucker, III

Attorney at Law

Tucker Griffin Barnes P.C.

Your Community Law Firm with Two Locations:

Charlottesville 434-973-7474 and Lake Monticello 434-589-3636"