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Quick question for discussion - when do you pull title for a short sale? Do you pull it at the very beginning of the transaction or when you get short sale approval? If you pull it at the beginning, who pays for it - the agent, the seller or the attorney? 

Rita Cox

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Permalink Reply by Wayne Brooks on September 4, 2012 at 2:55pm

Up front is a must.  You've got to know what your're dealing with.  You can't really get short sale approval, if you've got $10,000-$20,000 in inferior liens/2nd mtg.s to pay out and you/the lender didn't know about them.  Remember, short sale "approval" is based the proposed HUD-1 (prepared just after purchase contract execution) submitted which shows all pay outs to other lienors.  It also helps you structure the deal and prepare sellers/buyers for  possible additional cash contributions, etc.  I do my own "pencil search" before any listing appt. (in Florida it's simple).

Our closing atty orders title search, only costs $70-$80. 

Permalink Reply by Smitty on September 5, 2012 at 3:24am

I pull it the minute it goes under contract.  That way if there are multiple secondary issues I can work at clearing it.  I don't pull it before then because why waste pulling title if it never goes under contract.

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