Hello, Like introduced by Michelle, my name is Simon Wu from Stewart title. Yes, I have been insuring trustee deeds(which I frankly think is not necessary…) I like to provide my knowledge and experience to all of you. I have gone through more than 400 trustee sale transaction last year. Our company is offering 50% rate for all sellers who purchased property though trustee sale.
Please feel free to call me at 626 589 8822 for any questions.
PS. Personally, I strongly don’t like people to buy title right after the trustee deed. I heard from an investor of one false information out there. I know a title person is saying that after record trustee’s Deed, they will issue policy and binder. SO sell it as cheaper rate when it is the time…However, many people misunderstand coverage for title policy. Several of my client came to me because they got upset at that title company… Title company only insure whatever happens before, NOT AFTER. So let’s say we record TDUS today and title company insured, and a lien/lawsuit from previous owner gets filed 2 weeks after, title company does not cover this claim or lawsuit… I think this is most common false information being spread out there at court site…
Simon - your message is somewhat unclear. I personally believe there would be a great deal of interest in title products for those purchasing at trustee sale - in fact I’ve long believed that this is a large opportunity that title companies are completely missing.
That said, we really haven’t seen any products in the marketplace. From your description above it sounds like you’ve run into some customers who have purchased a combo guarantee (guessing based on your description that it covers items that occurred before rather than after). I personally think a combo guarantee with a binder would be a fabulous product for auction investors. What is it about such an offering that you don’t like and feel conveys false information?
Dear Sean,
I was just trying to clearify regardless combo guarantee or regular title committment that anyone offer, no title companies guarantee free and clear of all potential lawsuits being filed by previous owners. Few title companies i know offer combo guarantee where they claim it covers everything, which i pesonally investigated and i don’t agree.
Simply, if property is free and clear, any title would insure and if it is not clear on title, then title company would not insure the property unless matters being resolved.
So being said, i think 50% of reo is definiltey cheaper and make more sense to buy rather than combo guarantee and binder (much cheaper…) That’s all i wanted to bring up…
If anything, please feel free to give me a call. Thank you.
SIMON WU
Advantage Title
626 589 8822