Tuesday, August 28, 2007

query: can you get title insurance on foreclosed properties in pa

Yes. You can get title insurance on foreclosed properties in any state. A title insurer will examine title and indicate any exceptions or liens that can't be insured. This procedure and method is no different than that used for properties that have not gone through foreclosure.

Problems, if found, will be offered up for solution. If you are getting a mortgage to buy the property, problems must be corrected. If you are buying cash, you will decide if you want to take title with problems in place.

Normally the mortgage lender selling the foreclosed property is willing to fix the problems.

It's definitely a buyer beware situation so be sure you have a true professional vetting title for you.

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