Do REO's Always Come With Clear Titles?
Dear all,
Forgive me if this is the wrong forum for this question.
Based on my knowledge, there are two types of liens that could attach to a property, right? One is through the owner (judgments, IRS liens etc.), the other is the "lien" on the property itself (mortgages, refinances etc.).
My question is what liens still exist on a REO or do they come with a clear title?
Thanks,
"B".
Like any other property, it may or may not have clean title. You should have a title search done on any property you buy -- REO or not. When you buy title insurance, any loose ends should be cleaned up by the close of escrow -- otherwise title companies won't want to issue insurance. Make sure you are working with a reputable title company from which you purchase your insurance.
Best of luck with your purchase.