I have been looking for my first deal. I ran across what looks like a foreclosure auction close to my primary residence. It is an a C class neighborhood. There are no inside pictures available. "As-is, where-is, no inspection contingency or access to the property. Title to this asset will be conveyed to the buyer via Quitclaim Deed or its equivalent and with no express or implied warranties of title." The FAQ on RealtyBid says: Unless otherwise noted on a property's Bid Page, Buyers will not be responsible for back taxes, liens or title-related issues for the property purchased. Unless otherwise stated, the Seller will convey insurable title to the Buyer upon closing; otherwise, the Buyer has the right to cancel the purchase with a full return of their deposit.
There are no bids on this property and the auction will be over on Monday. I probably will not bid since I want my first deal to be a low risk, low-medium reward endeavor. If I were to bid, how would I ensure that the title is clean?
because of what it says you will have an insurable title thru escrow unless otherwise noted
"Buyers will not be responsible for back taxes, liens or title-related issues for the property purchased. Unless otherwise stated, the Seller will convey insurable title to the Buyer upon closing; otherwise, the Buyer has the right to cancel the purchase with a full return of their deposit."
You don’t have to worry about the title if someone is buying a title policy at closing. Either the title company will insure the title or not and you get to walk away with your deposit. Hopefully you can at least walk around the property and look in the windows...or is it occupied? The price better be screaming good to not be able to see it.
Maybe...... Typically, they will offer title insurance, in which comments above would apply.
But as it says "unless otherwise noted on bid page", then apparently on the bid page it says "no express or implied warranty of title". You need to verify this.
@Frank C. I wonder if you ended up making that purchase with Realtybid and how the title insurance issue go? I’m planning to bid on a property and am hesitant with title uncertainty.
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