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Bought house... get Notice of Auction

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JEDI said:
what idiot derailed this tread to Asians?

hey, he's a mod.
delete all the those posts and get this topic back on track?
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Um, the OP did:

Eli said:
I do note that the 2nd prior owner and the people we bought it from are both Asian, which of course could be a complete coincidence. But it does make me wonder if perhaps they know each other or are related...

Maybe the sale in November 2015 was the shady for sale by owner transaction with no oversight... lol
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...some stuff, and then:

Eli said:
Yeah, I know. Probably would have been best to leave that thought untyped. Cuz, you know, all you Asians are in cahoots. 😀

Doesn't really have anything to do with them being Asian, it was just an observation. I've heard of stuff like that happening before.. Sell a place to your brothers first cousin in an attempt to thwart/prolong the foreclosure process...
....
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So, the OP/mod should clean up his own thread from his own "derailing?" This isn't buckshot levels of self-derailing. Besides, most of us think much more highly of Eli than anyone like buckshot and a clear contingency of us actually understand what the OP was saying.
 
wow, so did the previous homeowners default on their loan...then sold you the house and reaped the profits? D:

Sounds like leasing a car, never making a payment on it...then selling it for cash on the street to some unwitting buyer.
 
mizzou said:
Sounds like leasing a car, never making a payment on it...then selling it for cash on the street to some unwitting buyer.
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if your going to ripoff someone and skip town, why go thru the trouble of leasing a car?
renting a car from a car rental company and selling it to said unwitting buyer does the same
 
mizzou said:
wow, so did the previous homeowners default on their loan...then sold you the house and reaped the profits? D:

Sounds like leasing a car, never making a payment on it...then selling it for cash on the street to some unwitting buyer.
Click to expand...

that is not possible. Banks are the first ones payed. Unless you didn't use a real estate lawyer or the lawyer is in cahoots with the seller.
 
zinfamous said:
Last I checked, communism wasn't a race, but whatever.

I already conceded that my initial post on that issue was horribly unclear for those not reading my mind and understandably offensive to probably most people, asian or otherwise. I get it.

I guess we've reached the point where not only is clarification unacceptable, but so is apology. So it is these days.

This is way beyond this thread anyway.
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Just to be clear, it was your first post that I quoted that I had issues with.

If you subsequently clarified and apologized for your initial post, I must have missed it and for that, I must offer my own apology.
 
Zorba said:
OP: Did you purchase personal title insurance or just title insurance for the bank?

I've heard enough of these stories that I always buy personal title insurance. Generally it is much cheaper than the loan insurance you have to buy anyways. Thankfully, I've never had to use it, so I have no idea if it is actually worthwhile.
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It was just the title insurance for the bank. It seems to be working out so far in this case, but we will indeed be more careful next time.

No new updates this week. We'll press them next week to keep us in the loop and give us documents/assurances that this is being taken care of.

Didn't mean to send the thread off on a tangent with my comment; I should have known better. But for what it's worth, what DixyCrat so eloquently explains is exactly what I meant.

I also agree with NetWareHead. The same thing happens across all disciplines, particularly employment. I don't find anything wrong with it - it doesn't have anything to do with the protected classes at its heart. Show me you're a positive, productive, responsible member of society and we're good. Otherwise, I don't want to deal with you.
 
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I don't get it. How is it that you STILL don't know exactly what the claim is against the title of the property? All you know is that it's going to be auctioned off in ... exactly 30 days.
 
Eli said:
It was just the title insurance for the bank. It seems to be working out so far in this case, but we will indeed be more careful next time.
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I fully realize that I can be over-dramatic at times but you do realize that you, as the buyer have no real protection in this case, right? The bank is protected, you are not. Think about the potential consequences if this goes sideways.

It is customary here for the sellers to provide a policy to the buyers and the buyers to provide a policy to the bank. Who pays for what can be negotiated but in the end, both buyer and lender are, at least in theory, protected. To what extent that protection applies is of course in the fine print which is what I was alluding to in my earlier post. Without a policy issued to you, you have no protection whatsoever.

Again, realizing that I can over-dramatize, it sounds as though you are going with the flow as the days tick off into weeks. IMO, to rely on stated good intentions and promises from humans and involved entities is not wise. But, maybe I haven't followed along in the thread close enough.
 
it prolly wont go to auction .. the sheriff will withdraw it before auction .. the county does not want more complications with the new auction winner ... that doesnt mean it is resolved tho ... even if it does, you will have a period of redemption ... best of luck !
 
DixyCrat said:
Perhaps we should consider the dangers of extreme political correctness when used to keep others the OTHER instead of being honest about our observations and allowing the proximity of friendship.

https://www.youtube.com/watch?v=5dNbWGaaxWM
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Is he coked out of his mind? Good stuff tho. He's right, if we cannot or are not allowed to poke fun at the ethnic differences among ourselves then we cannot create social cohesion past a "cold respect for one another". And in the absence of social cohesion is fear. PC isolates and prevents social cohesion out of fear of offending one another, when playfully offending one another is actually a form of bonding.
 
boomerang said:
I fully realize that I can be over-dramatic at times but you do realize that you, as the buyer have no real protection in this case, right? The bank is protected, you are not. Think about the potential consequences if this goes sideways.

It is customary here for the sellers to provide a policy to the buyers and the buyers to provide a policy to the bank. Who pays for what can be negotiated but in the end, both buyer and lender are, at least in theory, protected. To what extent that protection applies is of course in the fine print which is what I was alluding to in my earlier post. Without a policy issued to you, you have no protection whatsoever.

Again, realizing that I can over-dramatize, it sounds as though you are going with the flow as the days tick off into weeks. IMO, to rely on stated good intentions and promises from humans and involved entities is not wise. But, maybe I haven't followed along in the thread close enough.
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Seems that if he's out money, I think he'll have recourse against the (person) he bought this property from. Since that person was a realtor (iirc), rather than the person who defaulted, it's another layer of insulation from being completely screwed.
 
Carson Dyle said:
I don't get it. How is it that you STILL don't know exactly what the claim is against the title of the property? All you know is that it's going to be auctioned off in ... exactly 30 days.
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What should we be asking? What should we be doing? I'm going to press them for an update on where exactly we stand on Monday, but I'm not sure what else to do.

They are assuring us that everything is being taken care of. All of the documentation we have and have been given has been forwarded to our attorney. He's been advised that the title companies attorney is handling it. What should we be having him do exactly? He seems to think it's OK for the title company to be handling this first and foremost...
 
Don't know if you want to do this, but you can go to the city/township records office, and ask to see the deed to the property.
Then you can see who they list... That info might be available online as well.
 
You have paid for expert advice that is corroborated by different independent and related folks. Relax and wait and see. You did all you could do.
 
Update 6/13:

Talked with all involved today. This is all basically due to misfiled paperwork stemming from when the property was foreclosed in 2012. It was sold to the people we bought it from, but something happened and the foreclosure gears kept going for some reason. So it has no basis in reality I guess.

The Auction has been cancelled. We are waiting for "release paperwork" from the court to show that the case has been dismissed.

And that will be that, according to the title company. Nightmare averted.. this time? We plan on being a little more careful next time.
 
It's a little surprising to me the differences in procedure from state to state. My brother in law is a small town attorney back in Pennsylvania. I'd guess that maybe 75% of his practice is real estate transactions, in which he does his own title searches and is present at closing. I'm not aware of that level of attorney involvement here in Colorado, although I've only had a single real estate transaction here, and there were no lawyers in sight.

About 10 years ago my sister (the attorney's wife) and I incorporated a small company to do business online. Her husband set up the corporation and charged us $500. I'm thinking WTF, I'm pretty sure I could do that myself online for a small fraction of that here.
 
Carson Dyle said:
Very glad to hear. What will be (or can be) done differently next time?
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I'm not sure if any of it would have actually helped in this case, someone just plain screwed up. But maybe a good real estate attorney would have been able to find this stuff in process and we could have gotten it cleared up beforehand, so we'll have one on tap.

And having personal title insurance sounds like a pretty fantastic idea.
 
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