theBIGstep, Home Buyer in Prince William County,...

What do I ask the Title Company in a Foreclosed Situation.....nervous about liens in!

Asked by theBIGstep, Prince William County, VA Sat Feb 28, 2009

Since I am buying a foreclosed property I have been advised to review the title with the title company and ask questions. I don't even know what questions to ask! It was my impression that the title company doing its job was to make sure there were no liens or whatnot....and that is why you get insurance. However I am now discovering that the insurance may only cover certain instances and not all liens which may arise iin the future. Is there anyway to find out if there are liens on the property via internet. I know its public records but i don't even know where to start...Advice needed! Thanks!

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Kenya Ferrand, Agent, Lafayette, IN
Wed Nov 28, 2012
Where ever the house is, town wise, go to that county clerks office. That is where it is publicly recorded. I would say getting ahold of your attorney to go over everything and he will give you some questions to ask.
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Vicky Chrisn…, Agent, Purcellvile, VA
Sat Feb 28, 2009
No worries here, BigStep! Some attorneys will tell you that a post foreclosure property has the cleanest title you can get. The title company is doing their job, and the title insurance company will do theirs. DO buy the optional title insurance. If you are using the seller's title company, find out the rating of their insurance, and compare that to someone else's. I always recommend using your own title company. Do I recall another posting where you said you didn't have an agent? Consider using Champion Title or MBH. Feel free to call me if I can help you, you have many good questions... 703-669-3142
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Lee Ginsburg, Agent, San Bruno, CA
Sat Feb 28, 2009
You are on the right track. When buying a home that was foreclosed on the bank has cleaned the title. The title company is insures that. I believe people advise you to check the title is if you buy the home at the court house steps on auction during the foreclosue process. At that time you can ge responsible for other liens. Basically the bank purchased the home at that auction and cleared the title. You are OK. To me the biggest issue in buying a foreclosed property is the condition and you have inspections for that. If you get lender and owners title insurance you are free to enjoy your new home. Lee,
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