Auction.com Title FAQ on Bank Owned Homes

Auction.com Title FAQ on Bank Owned Homes



hey Meghan McGinnis here action calm and now we're going to talk about some of the title questions that you have concerning tight because these properties were foreclosed on are there any liens on the property good question no absolutely not the sellers provide insurable title to the properties sold at the auction you'll receive a standard title policy as part of your transaction please review the purchase agreement for further details ok another question is is there a Redemption period where the former owner can make good on their old debt no absolutely not these are bank owned properties the foreclosure process has been concluded and finalized another question you have is can I choose my own title company no the seller chooses the title company so closing costs are standard and customary for the county in which the property is located your final question in the title area is when will I receive title to any property I may purchase well the closing the closes are expected to occur within 30 days of the auction event so at the closing and the pond payment of the purchase price and closing costs you'll receive insurable title vestan as we designated to the closing agent so please review the purchase agreements for additional information and that concludes the title segment of our frequently asked questions thanks for stopping in we're gonna cover some finance questions next

Comments

  1. SC Starr

    are any of the properties have mortgages still to pay off? i'm not very good at reading those titles but some of them seem to indicate that there is still a loan to pay off?

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