Mar
30
What is a Short Sale and do I need title insurance if I use equity loan to buy.
Filed Under Short Sale Hardship
henkaz asked:
Was expecting to deal directly with bank and use my equity to buy rental property (no title insurance, appraisal, etc.) and refinance in near future. Instead, sale is with defaulting owner.
Booker
Related Forclosure Information
- What to Look for in a Title Insurance Policy | Agent Builder Blogosphere
- What Is The Difference Between Title Insurance And Owners Title Insurance? — Love in the hearts of
- Cynthia Benchick Testimonial for our book “TItle Insurance Tips And Secrets”
- The Mercer Mess « Chicago Title Insurance
- Selling Home By Owner
Comments
2 Responses to “What is a Short Sale and do I need title insurance if I use equity loan to buy.”
You ALWAYS need title insurance. Only a complete fool would move forward on a real estate purchase without it. Think about this. You are dealing with a SHORT sale. What if there happen to be OTHER liens out there of which you are not aware ?
What ever you do, don’t skip the title insurance. There are too many claims coming in where the escrow agent failed to pay off the seller’s mortgage. Without title insurance, you would lose the property and still have to pay the mortgage (or equity loan) you take out. You could end up losing both the new property and your existing property.