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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Buying an REO in MD Posted by Ward-CA- on January 14, 2004 at 8:32 AM In Reply to: Foreclosure and deed questions posted by Tracy on January 14, 2004 at 5:10 AM : We are in the process of negotiating with a bank REO dept. for a foreclosed property. It states in the paperwork the deed will be a "Special Warranty Deed", why is this and what makes it different than a warranty deed (we are in MD). Also, since the bank actually took posession of this property and listed it with a real estate agency, am I correct to assume they have done a title search (we will have one done prior to closing)? They are stipulating that we MUST settle at THEIR settlement company, why would they do this and is it to our advantage to try to have the settlement at the company of OUR choice? Thanks for any input. ================ Tracy, Call a local title company and ask to talk with a title officer (TO). Ask the TO what’s different with a Special Warranty Deed. Don’t assume anything in a real estate transaction. Make sure you verify that a current title search was done and you want to get a copy of it. MD protocol may customarily dictate that the seller of real property chooses the settlement agent, I don’t know. Also I don’t know how critical it is for you to choose. Don’t they all have to perform similarly no matter who chose them? Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : We are in the process of negotiating with a bank REO dept. for a foreclosed property. It states in the paperwork the deed will be a "Special Warranty Deed", why is this and what makes it different than a warranty deed (we are in MD). Also, since the bank actually took posession of this property and listed it with a real estate agency, am I correct to assume they have done a title search (we will have one done prior to closing)? They are stipulating that we MUST settle at THEIR settlement company, why would they do this and is it to our advantage to try to have the settlement at the company of OUR choice? Thanks for any input. : ================ : Tracy, : Call a local title company and ask to talk with a title officer (TO). Ask the TO what’s different with a Special Warranty Deed. : Don’t assume anything in a real estate transaction. Make sure you verify that a current title search was done and you want to get a copy of it. : MD protocol may customarily dictate that the seller of real property chooses the settlement agent, I don’t know. Also I don’t know how critical it is for you to choose. Don’t they all have to perform similarly no matter who chose them? 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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