Do I hire a lawyer and start a quiet title action so I can sell the property soon?
It would cost you several thousand dollars and take several months - by which time you may get title ins.
- Do I contact the US Bank after I record the deed and find out info on the DOT and pay it off? Definitely. They will want a copy of the Deed before they talk to you. What makes you think the first has been paid?
- Can I negotiate with the bank for a lower payoff? Why should they. They know you were willing to pay them off in full when you bid on HOA lien.
If I let the first go to auction and buy it, will that wreck my credit?(it is vested in an LLC).
Loan isn't in your name. It would not have any effect on you one way or the other. They wouldn't even have your SS#.
Can I sell the property quickly and just pay the 1st DOT through escrow?
- would a title company insure that at the sale? In Ca., not for 6 months to a year. Don't know about Nv.
Does anyone buy properties without getting title insurance?(I know I do all the time, but that's at auction)
NO! Especially retail buyers.
Are there any weird laws about what happens when a homeowner dies who owes money to a mortgage?(county records show nothing pertaining to his death or probate)
Are you serious? How would a creditor enforce an action against a dead person? Would a process server go to H-ll to serve him? NV is a non-judicial state, anyway. That means the debtor doesn't have to be personally served to complete a fcl.
Is there some chance that the DOT has been paid and not recorded properly?
Chances are less than you winning that powerball lottery.
Should I just rent it out for a year or two and let the dust settle?
(I sure wouldn't want some disgruntled Son who inherited it showing up at the door with renters in it)
Did you look in a probate file to see who the heirs are? I assume you did since you know a son is involved.
It often happens when there is just a little equity, heirs figure it's not worth bothering with. Say in this case a sale would net even $40K. If there are only 2 heirs they would each get only 20K. If there are no other assets, may not be worth bothering with.
QUESTION - What makes you think the first is current?. From the sketchy facts you gave, it sound like it is at least 7 months behind and may be a year or more delinquent.
It would seem the broker who had it listed for 3 years may know something. In 2009, the house wasn't worth what was owed. You have no downside. You can rent out the house for a long enough time to at least get back your $5K before the first completes a fcl.
CURIOUS - Were you the only bidder? Sounds like there were by the even amount of the price you paid.
Any help on this would be greatly appreciated.
I've been flipping auction houses for 2 years with a great success rate but am new to this HOA foreclosure thing.