Having a good title officer on hand is important when working to ensure the short sale process is a smooth one. Title officers should be used to do the initial title search on the short sale property being considered by the buyer. This ensures that all the liens attached to the property are seen by the buyer.
If the title officer finds that the property has multiple lien holders, which may include real estate tax liens, second mortgages, mechanic’s lien, lines of credit or homeowners association liens, then it can be tougher to close on the short sale contract.
When multiple lien holders are in the mix, any lien holder may cause a problem in the process, even if the first lender approves the transaction. Buyers can ask their short sale agent or their real estate attorney for recommendations if they are unfamiliar with good title officers in the area.