Handling first time buy from bid4assets with a quit-claim deed

3 Replies

Howdy!

So I just purchased my first property, through a decidedly not-easy way - buying a forclosed property online with a quit claim deed. Before bidding, I checked county records for the property's title, and it looks like this belonged in an MBS that was foreclosed on and finally sold to the eventual seller, who is unloading it on **********. As far as I understand, I don't have any liability to pay off the mortgage, and only responsible for the eventual property taxes. Here's what my title search looks like:

Am I correct in this assessment, and clear to go ahead with my purchase? And there is no reason for me to seek title insurance, because there are no outstanding liens that could hurt me, right?

If down the road, I wanted to sell this property, would I first need to get title insurance on the house?

Thanks a lot for the help! I am a big fan of the podcasts and they motivated to finally pull the trigger

Originally posted by @Sarang Gupta :

Howdy!

So I just purchased my first property, through a decidedly not-easy way - buying a forclosed property online with a quit claim deed. Before bidding, I checked county records for the property's title, and it looks like this belonged in an MBS that was foreclosed on and finally sold to the eventual seller, who is unloading it on **********. As far as I understand, I don't have any liability to pay off the mortgage, and only responsible for the eventual property taxes. Here's what my title search looks like:

Am I correct in this assessment, and clear to go ahead with my purchase? And there is no reason for me to seek title insurance, because there are no outstanding liens that could hurt me, right?

If down the road, I wanted to sell this property, would I first need to get title insurance on the house?

Thanks a lot for the help! I am a big fan of the podcasts and they motivated to finally pull the trigger

Please detail your experience with B4A... ridiculous fees? Clouded title issues? Extended closings? I'm looking at this over auction.com and would to know where best to pursue. 

TIA,

Erin