Closing Co. Introduces Higher Risk Screening Tool
For buyers of higher-risk foreclosure property, The Closing Co. has launched "Foreclosure Disclosure," a service that quickly provides comprehensive and accurate insight on actual title and lien status of properties - before a bidder pursues purchase.
For a flat fee of $450, the service provides a title search, judgment search, county tax search, lis pendens and civil actions search, federal tax lien, and search for open permits and code violations.
"Buying foreclosed and auction properties can be very lucrative or very costly, depending on the property research you do prior to bidding," says Martyn Verster, general counsel for the company, which is based in Miami. He added, "These kind of properties can present certain title challenges that can be evaluated in advance to prevent buyers from going in blindly."
Certain below-the-surface issues affecting a property such as unsatisfied mortgages, invalid quit-claim deeds, judgment liens, probate issues and enforcement liens can all lead to title defects that can prevent any future sale from occurring without a resolution.
Though foreclosure disclosure does not provide title insurance and is for informational purposes only, it does provide investors a necessary insight into the marketability of the property for future resale. Buyers can purchase title insurance on all properties that have not been purchased in foreclosure. The potential buyer will receive a summary sheet for the property and recommended curative steps to take prior to making any offers.
The REOMAC board of directors has entered a new era in the management of its association. After an extensive analysis of the association's administrative management structure, California Advocates Management Services has been selected to manage REOMAC's activities and daily operations.
Based in Sacramento, Calif., CAMS is comprised of a team of professionals specializing in association management, accounting, certification, conference planning and trade show management services.
"We fully believe CAMS' nonprofit organization management expertise will prove invaluable in enhancing our ability to deliver maximum member benefits while significantly minimizing our operational costs," said Mary Best-Brill, president of REOMAC.
Jennifer Blevins and Joseph Davis will serve as the lead team members in all REOMAC programs and activities. Ms. Blevins brings over 19 years of experience in multi-association management, while Mr. Davis has over 12 years experience in nonprofit management. In addition, the two are supported by Tricia Glanville, a certified public accountant.
With the selection of CAMS as the management services firm for REOMAC, the association's office has been relocated from Irvine to Sacramento.
California Advocates Management Services is a division of California Advocates Inc., a legislative advocacy firm based in Sacramento. (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com