Bank owned Foreclosure Quit Claim Deed
Thanks for your time in reading my post!
I have identified a Bank owned Foreclosure that I believe has massive potential. On the MLS is says they are offering a Quit Claim Deed. Some Biggerpockets research teaches me to be weary. I asked my realtor for a suggested company to do a preliminary search and he said not to worry, that he would make sure I get a solid search and title insurance prior to closing.
However, I am not really interested in even making an offer if I am buying a 2nd mortgage.
1) Do any of you out there do preliminary searches prior to making an offer? If so, do you use a local company or are their any online options? Not looking for specific names just wondering in general how you go about this (since I am not a Pro account and cant post in the marketplace).
2) If the title looks clear, is there ever a way to get banks to offer a Warranty deed instead? If not, can you ever get title insurance on a Quit Claim?
3) Is a QC deed typical to bank foreclosures?
4) I see online title companies offer a variety of search options. Can anyone summarize which one I would want them to do to make sure the title is free and clear (ex. "30 year search", "mortgage and assignments search", "2nd position mortgage and assignment search", "reverse mortgage and assignment search", etc.)
Thanks everyone for helping me become financially independent!