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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Go title company shopping. Posted by Ward-CA- on September 24, 2001 at 4:18 PM In Reply to: Misrepresentation by Trustee posted by Albert on September 24, 2001 at 9:47 AM : OK, : I won the bid at a Trustee Sale for a condo listed with two reserved parking spaces (both in the ad and during the sale). When the title work came in, it turns out that the lien applies to only one space (the other one having been sold several years ago). : I resubmitted a new offer to purchase the property at a price reflecting the revised situation. The trustee accepted the offer. However, the title insurance company won't insure the title being afraid that the re-negotiated transaction may have invalidated the foreclosure proceedings. : Is voiding the sale and holding a new auction the only way to get out of this mess? Can the trustee/bank accept my offer without risking a law suit from other participants in the original auction? : BTW, all this is happening in Virgina. : Regards, : Albert =•=•=•=•=•=•=•=•=•=•=•=•=• Albert, I’ve learned in my years in the real estate business that it’s not the lawyers whose tune I have to dance to—it’s the title company’s requirements that mean all the difference. So what I’d immediately do is go title company shopping. Try to find some other title company that won’t object to the re-pricing of the property between you and the foreclosing trustee. Make sure the 2nd or 3rd title company you’re going to, as an alternate, doesn’t use the same title database as the one who’s twisting your tail right now. That’s because any subsequent title company you go to is going to look in their database for the most recent title work done on the property. If the replacement title company doesn’t work out of the same database as the original title company they will not pick up that company’s earlier work with that exception in it. I’ve gotten around some real stubborn title companies using this tactic. Good luck. Follow Ups: Re: Go title company shopping. Albert 2:17 PM, 09/25/01 (3) Re: Title company databases. Ward-CA- 3:58 PM, 09/25/01 (2) Re: Title company databases. Gary C. 10:44 PM, 09/25/01 (1) Re: Title company databases. Ward-CA- 9:10 AM, 09/26/01 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : OK, : : I won the bid at a Trustee Sale for a condo listed with two reserved parking spaces (both in the ad and during the sale). When the title work came in, it turns out that the lien applies to only one space (the other one having been sold several years ago). : : I resubmitted a new offer to purchase the property at a price reflecting the revised situation. The trustee accepted the offer. However, the title insurance company won't insure the title being afraid that the re-negotiated transaction may have invalidated the foreclosure proceedings. : : Is voiding the sale and holding a new auction the only way to get out of this mess? Can the trustee/bank accept my offer without risking a law suit from other participants in the original auction? : : BTW, all this is happening in Virgina. : : Regards, : : Albert : =•=•=•=•=•=•=•=•=•=•=•=•=• : Albert, I’ve learned in my years in the real estate business that it’s not the lawyers whose tune I have to dance to—it’s the title company’s requirements that mean all the difference. So what I’d immediately do is go title company shopping. : Try to find some other title company that won’t object to the re-pricing of the property between you and the foreclosing trustee. Make sure the 2nd or 3rd title company you’re going to, as an alternate, doesn’t use the same title database as the one who’s twisting your tail right now. That’s because any subsequent title company you go to is going to look in their database for the most recent title work done on the property. If the replacement title company doesn’t work out of the same database as the original title company they will not pick up that company’s earlier work with that exception in it. I’ve gotten around some real stubborn title companies using this tactic. : Good luck. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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