Oct 30, 2017
There are 3 under looked due diligence issues that can cause a buyer to incur losses. Often many assets can be demolished, slated for demolition or have significant code violations. Different counties keep the demolition list in different departments which can cause difficulty in obtaining the information you need. Buyers sometimes close a transaction just prior to a tax sale and are at risk of losing the property to tax sale after purchase. If the taxes are delinquent, checking to see if a tax sale date is set is necessary so the buyer properly adjusts the price of the asset and is able manage the upcoming sale date. A bankruptcy filing can cause losses if the buyer does not act in a timely manner or of not getting noticed if a loan recently has been purchased. Until the assignment is of record, the bankruptcy court does not know to notify the new owner of the note of bankruptcy proceedings. Bankruptcy checks are critical component to your due diligence process. Joining the podcast today to discuss the due diligence process is Alex Goldovsky, Founder and CEO of ProTitle USA. ProTitle is a Nationwide Residential and Commercial Title Search, Analysis and Due Diligence firm.