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Don't waste your money buying title insurance. who never calls me anymore, ha) but here's why.
One thing that is prevalent on the Sheriff Sales is that the mortgage has been assigned and re assigned sometimes multiple times. Banks buy banks, mergers, go out of business, etc. Another one recently the bank doing the foreclosure didn have any recorded assignment and couldn locate one in their files. So the bank holding the mortgage was not the bank doing the foreclosure.
purchased a home at an Ohio Cuyahoga County Sheriff auction today for $46k. The comps are in the $110k area. The liens and taxes look good on the auditor and clerk of courts website. Nothing that wont clear up with this proceeding.
My question since this is semi new territory for me: Should I contact my title company and purchase title insurance? Or not spend that money (assume the risk) since rarely do liens show up later?
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When you go to sell the house, you can get the buyer to buy a title policy on their end.
David Krulac makes a good point above regarding junior lien holders.
Sheriff sale auction purchase
And notice is always a possible issue on third party sales. If a junior lien holder is not notified of the sale, their lien is not wiped out.
I bought a tax deed property a decade ago. At purchase time I had no intentions of selling it or borrowing on it. Two years later, low and behold I had a need for cash. The title wasn clear. It costed me $4K in legal fees and two years until I won my suit for clear title.
If you purchased a first lien foreclosure (and it sounds like you did) then anything junior to that lien was wiped out. If there's something senior to the lien that foreclosed then buying title insurance now does nothing for you.
There probably a thread here on BP that goes over all the intricacies of buying at foreclosure auctions.
to start rebutting the rain of abuse I'm going to take from my fellow BP'ers on this issue. But I Nike T Shirts Cr7 ready. :)
Are there any other suggestions?
Even if a junior lienholder was not notified of the sale (and their lien is still in place), buying a title policy will not make the lien go away. It will appear as an exception to the policy. And so again I do not think there is value in buying a policy after the sale.
Thanks for sharing. caused by one of the heirs in an estate sale that failed to sign the old deed. We had to establish that the heir was deceased and that Nike Women Gilet
The title company can't make a senior lien go away. Anything senior will show up as an exception to the policy, and then you're out the title insurance premium plus the senior lien. I think buying a policy after a foreclosure sale is like closing the barn door after the horse has left.
I want to stress that the biggest trauma I faced was that I failed to initiate the suit for quiet title as soon as I bought the unit. The trauma came from "thinking" I could use the property for a loan, but was caught "with my pants down" when I found out the title wasn insurable.
If they were not notified of the foreclosure sale, then their lien is not wiped out.
And now I'll have to get ready Nike Black Sweatpants
Originally posted by Sandy Blanton:HB. If the property can be insured, buy title insurance. Not only does it perform miracles in the rare event there is a problem, it makes the property salable and mortgage ready.
I have not bought a home at sheriff auction since 2003 and am rusty. For years I been purchasing via MLS and FSBO. But given the heightened competition I branching out into auction to find deals this year. and it appears to be bearing some fruit as long as this home is not a complete train wreck when I finally get to see it.
ps. I leaving a ps. here to remind myself to write about the times I bought single family homes at foreclosure that had IRS tax liens on them . on purpose. A veteran foreclosure buyer and friend of mine made me swear up and down a couple of years ago that I would never talk about it. Better to leave it alone. One just recently had unpaid municipal liens for water, sewer and trash.
none of her heir had any claim to her share. Some twisted mess such as this.
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