so we have some private money to purchase a home at auction. the initial capital we borrow must be repaid after the purchase and we plan on doing so with a conventional loan. speaking with the bank, it seems that title insurance is a must for a loan(no kidding…) i recently spoke with a title insurance company who said they could help provide information on the property but would not complete a preliminary title report if the property was not in escrow. this left me wih the notion that i would no be able to get a PTR before i purchased. the bank did however say that escrow would be re-opened when we refinanced, does this mean we could aquire title insurance at this time?
what i want is to get PTR before i purchase so that i know that there is nothing against the home. i guess this is sketchy because if it gets issued a week before auction, something could come up, and the PTR would not cover it, so i would be on the hook and potentially unable to refinance.
so, how can i get title insurance on an auction purchased property?