Has anyone tried getting title insurance on a property they bought in a tax or mortgage foreclosure by a quit claim deed? If so, who did you use?
The response I got in my area is that title companies won't insure title on such a property until the new owner holds it for 1 or 2 years after purchase. Has anyone been able to get title insurance sooner, specifically in New York State?
The intent behind the question is either a bank refinance or a re-sale to a buyer using conventional financing (i.e. both of which require insurable title). Thanks!
I've never done it in NY state, but have done so several times in FL and recently in PA & MO. However in all cases I believe the buyer paid cash though.
Thanks, Chad. Do you remember what type of deed you used to sell the property? Did you provide a warranty deed? Was the buyer able to obtain title insurance?