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From: jhh@ihtnt.UUCP (John Haller)
Newsgroups: net.invest,net.consumers
Subject: Re: Re: "No Money Down" (Other People's Money) Scam
Message-ID: <3737@ihtnt.UUCP>
Date: Tue, 14-Jan-86 09:35:21 EST
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Posted: Tue Jan 14 09:35:21 1986
Date-Received: Fri, 17-Jan-86 01:15:00 EST
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Xref: watmath net.invest:1031 net.consumers:3871

One problem that hasn't been mentioned as a problem with paying cash
for a house to buy quickly is the lack of Title Insurance.  One reason
that someone may be willing to accept $150,000 for a $200,000 house
is that they have second mortgages up the wazoo on the house that they
haven't told you about.  One of the big delays in getting a home
loan is the wait for getting a commitment from the Title Insurance
company.  When you pay off the seller's mortgage on the $200,000 house, and
give the seller the remaining cash, you may be stuck with recorded
or unrecorded liens that you don't know about.

John Haller