Special Warranty Deed & Foreclosures, what to look for?
I am looking at a property in Texas that is in Foreclosure from a reverse mortgage company. The previous owner was a hoarder and my research seems to show that he was foreclosed on because of past due taxes (on top of not taking care of the house and getting the HOA on his back).
The reverse mortgage LLC will sell this house with a special Warranty Deed which only covers their period of ownership. I have read that this is common in the foreclosure world. The Company foreclosing also chooses the title company as is also usual in this situation (from what I understand).
My question is, how do I cover myself? Would an owner title insurance be enough?
I will be paying cash.
Thank you in advance!