Meet Matt and Hailey! Matt wins the award for "Most Patient Buyer" of 2019. I'm still toying with the idea of having a trophy made. We looked at this house in early May and Matt was officially under contract on the 10th. He closed on August 23rd. For those who don't want to count, that's 105 days! A "typical" closing in real estate should take 60 days or less from start to finish. So what happened to make this one take so long? Enter the title issue...
What Is a Defective Title?
A defective title is a piece of property or asset that has a publicly-recorded encumbrance, such as a lien, mortgage, or judgment. Because other parties can lay claim to the property or asset, the title cannot be legally transferred to another party. For example, a homeowner cannot sell a home if there is an outstanding tax lien on the property. The lien would first have to be cleared before any action can be taken on the property.
A defective title is a piece of property or asset that has a publicly-recorded encumbrance, such as a lien, mortgage, or judgment. Because other parties can lay claim to the property or asset, the title cannot be legally transferred to another party. For example, a homeowner cannot sell a home if there is an outstanding tax lien on the property. The lien would first have to be cleared before any action can be taken on the property.
In Matt's case the title issue was with probate. It turned out there was a deceased owner in the chain of title whose heirs had a claim to stake in the property if they chose. Thankfully, they were all located and opted out. Between the process and the paperwork the days really added up even when everyone was cooperating. Even with all the delays, I think Matt is glad he stuck it out. He got a good deal on this house and they've already started a full renovation that is going to instantly add so much value!
Congratulations, Matt and Hailey! I love seeing the progress at the house and can't wait to see it finished!
Congratulations, Matt and Hailey! I love seeing the progress at the house and can't wait to see it finished!
457 Alden St
Ludlow, MA 01056
2 bedroom, 2 bathroom
$200,000.00
Sold!
8/23/19
Ludlow, MA 01056
2 bedroom, 2 bathroom
$200,000.00
Sold!
8/23/19
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