What does purchasing title insurance protect you from if purchased after you have purchased a house at an auction?
Hi Lisa,
The title policy will potentially protect you from any unrecorded deeds or liens as well as give you the peace of mind to know that there are no clouds on title. If there are problems that come up in a title search done by a title company after the sale this gives you a chance to deal with this right away so that you know you have perfected title to the property. If you are looking to flip the property then you can always purchase a binder policy and 90% of the policy premium is returned to you when you sell the property. Having a binder policy gives you peace of mind regardless if you are buying to hold or flipping in the coming months. Having insurable title is critical when it comes time to sell.
Michelle,
If I purchase a property at sale and I wanted to purchase the binder policy, would I want to do so immediately the next day after I purchased the property?
Hi Jack, Contact your local title company. Any one of them should be happy to help you!! I did have a title rep on a webinar last week from Stewart Title in Southern CA names Simon that said they had a special rate for auction investors. Check around for rates and always remember that service is important as well!
Hello Jack and Michelle,
Hi, this is SImon Wu of Stewart TItle. Yes, we offered a 50% discount rate for owners title policy for all seller who acquired the property through the trustee sale.(which is much lower than binder policy…) Please feel free to give me a call at 626 589 8822. Thank you.
ps (thank you Michelle for introducing me^^)
Simon Wu
626 589 8822
simonwu01@gmail.com
Hi Simon:
Do you offer this discount for the Bay Area?
Thanks
Monty
Yes, as long as property is purchased through trustee sale…Yes we do.Thank you