Has anyone had problems obtaining property insurance on a house bought at auction with only the receipt given from the auctioneer? I would assume right after placing the winning bid and filling out vesting information a buyer would want to insure the property that afternoon. Does the insurance company need to see a copy of the trustees deed or have it recorded before insuring? I will be flipping and was told that insurance for investment property is typically twice as expensive as owner-occupied (i.e. $2,000/year instead of $1,000/year) due to contractors working on house, etc but can’t get a clear answer as to whether I can obtain insurance the day of winning the auction. Any comments appreciated. Thank you.
There is a great forum on this topic. To read the thread you can go to http://www.foreclosureradar.com/forum/buyers-and-investors/buying-auction/property-insurance-after-purchase