Purchasing Foreclosures? Be Represented

by Curt_Baumgarth on October 16, 2010

in Real Estate 101

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 illegally. 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 foreclosure property, attempt to determine which bank owns the listing and consult your title company. As the Buyer you get to choose the title company and your Realtor should be fighting for you to do just this. Yes most banks will request that you use their specified title company, but it is just a request. Make sure your agent is working for you and in your best interest. There is nothing wrong with countering the banks 12 to 40 page addendum to the purchase contract.

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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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