I am looking at a property scheduled for auction, however, the prospect of paying all cash without title insurance for a property I have not been inside is daunting...
Is there anyway to approach the borrower or lender in advance of the auction with an offer? I found the house on an auction website rather than in the local paper.
Is it possible to pay a title company for a report prior to auction and have them offer a guarantee of insurance coverage if you are the high bidder at auction?
Thanks in advance for any insights on the process!
I called our title company yesterday on one that had a huge number of additional liens against it. That's not something the title company can remove for you. The property would need to be taken back by the lender and then re-listed in order to wipe out the liens. Be careful! Most title companies will give you a preliminary title report if they have a relationship with you. They are usually mandated to charge you a $100 cancellation fee but that's much cheaper than kicking out all the money for a title policy you may not need. Hope that helps!
Thanks so much, Jennifer! Have you ever had any luck purchasing something on the courthouse steps in Idaho?
Henley, I haven't personally but have friends that have. We've been blessed enough to find deals elsewhere but I imagine at some point we will! There are very few in this area and I'm not sure how I'd feel about buying one out of our area.
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