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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Title Insurance Posted by RIck Harmon on March 14, 2002 at 1:45 PM In Reply to: Title Insurance posted by Kevin on March 14, 2002 at 1:28 PM : Ward - I am a little confused about title insurance. Say I've done a complete title search at county records, and I buy the house at a foreclosure aution. Do I still need to by title insurance? Is it even possible to buy title insurance after I've purchased the house? And would it do me any good? Would it protect me from any liens I didn't find? What would I want to purchase title insurance? : You can obtain title insurance after the fact however, it's not always practical. What you are purchasing at the sale is the right and title interest of the foreclosing lender, meaning that you will "step into its shoes" in terms of priority. If that lender had a full policy of title insurance when their loan was originated, then that's the "starting point" that the next title insurer will use. If there was a defect in title as for that lender's interest, I would go after their old policy insurer (if they're still in business). Odds are, you won't need to tho'. Lastly, if you haven't already, get a friend at a title company, ideally a title sales rep., who will give you access to most of their resources (comps, documents, tainted advise, etc.) Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward - I am a little confused about title insurance. Say I've done a complete title search at county records, and I buy the house at a foreclosure aution. Do I still need to by title insurance? Is it even possible to buy title insurance after I've purchased the house? And would it do me any good? Would it protect me from any liens I didn't find? What would I want to purchase title insurance? : : You can obtain title insurance after the fact however, it's not always practical. What you are purchasing at the sale is the right and title interest of the foreclosing lender, meaning that you will "step into its shoes" in terms of priority. If that lender had a full policy of title insurance when their loan was originated, then that's the "starting point" that the next title insurer will use. : If there was a defect in title as for that lender's interest, I would go after their old policy insurer (if they're still in business). Odds are, you won't need to tho'. : Lastly, if you haven't already, get a friend at a title company, ideally a title sales rep., who will give you access to most of their resources (comps, documents, tainted advise, etc.) Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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