Clouds on Title

by Curt_Baumgarth on November 21, 2010

in Foreclosure News

Is it safe to buy foreclosure property?

Most of us have heard about the “clouds” that could potentially be present in homes that were involved in some of the potentially illegal practices that some lenders were allegedly participating in. Why is this? If the home you purchased was not properly foreclosed on by the lender, then one could call into question the right the bank had to actually sell you the house that they took possession of.

Typically, this would not be too much of a problem because the home you purchased most likely had title insurance. However, if you try to buy a similar home today, you will quickly discover that three of America’s biggest title company insurers will no longer offer title insurance on such homes!

So, if you are thinking about purchasing a Scottsdale foreclosure, attempt to determine which bank owns the listing and consult your title company before you spend too much time or money in the transaction.

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Curt Baumgarth, Realtor, MBA
Century 21 All Star, Realtors
9414 E San Salvador Dr
Scottsdale, AZ 85258
(480) 266-9796

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