How Are Short Sales Impacted by Title Insurance?
Continuing our series of interviews with Brian Olenik of Fidelity National Title, we spend some time today discussing and learning how important title insurance is if you are involved in a short sale. Before we let our title insurance expert teach us all some very important real estate tips, let’s do a quick reminder on what a short sale is.
The real estate market went to you know where in a handbasket these past few years. So let’s say you purchased your home for $500,000 with a 100% loan. You’ve paid it down a little, and now you owe $490,000. BUT, the market left you and a lot of your fellow homeowners in a pickle, and now your home is only worth $350,000. What can you do?
You can continue to live and pay your mortgage, or you can default on your payments and go into foreclosure. Or, you might be able to work with your bank to see if they will allow you to list your home with us, establish the market value (what are buyers actually willing to pay for your home), get an offer and see if the bank will allow you to pay off your existing mortgage for less than what you owe. And, we really know how to do short sales successfully.
Title Insurance and Short Sale | A Primer by Fidelity National Title
Title insurance and short sale questions are answered above, and if you need more information, please contact us by sending a quick note below. Thanks!