Updated over 6 years ago on . Most recent reply
Does REO (bank owned) = Clear Title?
Hi all!
Looking to bid on/win a property at auction on a third party auction site. Property is described as "bank-owned" but further in the description...
"Quitclaim Deed and Assignment of Sheriff's Certificate of Title" pops up as type of title being sold. My previous understanding was that, once a property is bank owned, the bank has to furnish a free and clear title. Can anyone provide clarification on whether the "sheriffs title" really is a bank owned title, or is the property not yet bank owned and can therefore come with other liens??
Thanks!