In addition to some of the other advice already offered, I would be sure to look at local market data for similar homes to ensure you gettingyour foreclosure at a responsible rate.
Be sure to check online tax records for the property to see how the town/city values the property. This in combination with the market value and asking price should provide a strong direction on what to offer.
Finally, your purchase price will ultimately be determined by what you feel most comfortable paying, based on what you plan to do with the property. For example, if looking to rehab and sell for profit, you will want to make sure you pick up the property for the least amount possible. Whereas if this home is for your personal use, you may pay more of a premium at the auction to secure the property.... more
There are two types of title insurance: Owner's title insurance, as mentioned above, and Lenders title insurance, also called a Loan Policy. Most lenders usually require a Loan Policy when they issue you a loan. The Loan Policy is usually based on the dollar amount of your loan. It only protects the lender's interests in the property should a problem with the title arise. It does not protect the buyer. The policy amount decreases each year and eventually disappears as the loan is paid off.... more