I would have to disagree with you on one point. You stated that without the title search the rest of the process can not function properly. I believe you are only partially correct. Every Tuesday of the month when homes are being sold on the Court House steps many of the buyers are investors and purchase these homes without the use of a title search, or they do it themselves. (How accurate is that??) You now whose help the investors seek out?? The Appraiser. The bottom line for them is what the home can sell for after repairs. Last month 400 homes were sold on the Fulton County Court House steps. I performed about 40 field inspections for investors looking to grab homes for less than the cost of their luxury automobiles.  Not saying that the search is not am important factor but the bottom line here IS the appraised value. This is what the investors utilized as there bargaining tool. They didn't care if a lien was on the property. The Lender is always in the 1st lien position so everything after the lender is a wash anyway.