Can We Buy Title Insurance For The Property That I Intend To Bid At Foreclosure Auction Befor Hand?
I am new to buying foreclosure property. Looking forward to helps from knowledge people like you guys. Can I buy title insurance for the property that I intend to bid at foreclosure auction before hand? I am trying to learn how to look at Lien documents at county court record. How do I know which is first loan and which is second loan? Any title search company will let you buy title insurance before bid on bank foreclosure property that auction on county court house?
Thanks
[ Edited by kaiweilin on Date 04/04/2008 ]
Generally speaking the Lien positions are determined by the time in which they have been entered and aslo by the lien type priority (mortgage lien, tax lien, mechanic lien etc)
If you are interested in just one or two properties once in a blue moon it might make economical sense to do full Title work before a sale, but there are no guarantees that the property will get to the sale or that you will be the winning bidder! On the other hand if you are interested in say 10 properties at that sale it might be too expensive to do 10 title searches, so you might try to invest some time into learning how to "prequalify" properties before getting into title searches and bidding.
Hope that helps.
It my understandooing that you have to have an equitable interest (siply put own) in the property to be insured.