Buying a foreclosure can be a great way to get a good deal on a home. Whether you’re purchasing a home to live in or you’re looking for a property to flip, a foreclosure can offer incredible savings. However, with a foreclosure, you have to be more careful to make sure your title is completely clean so no problems arise down the road.
At Liberty Title, we offer buyer’s title insurance to protect you during the process so you don’t have to worry about losing your investment. We’ve put together this guide to title insurance for your purchase of a foreclosure.
What is Buyer’s Title Insurance?
You’ve probably heard of a loan policy. You’ll have to have a title insurance policy to protect your lender during the sale. It is already figured into the closing costs of your home, and you don’t really have to think about it. However, a buyer’s title insurance is different. Buyer’s, or owner’s title insurance, works to protect you, the buyer. That way, when title problems do come up, court costs and other expenses are protected. Our title examiners will also work to help you avoid problems.
Here are a few things title insurance can protect you from:
● Missing heir problems
● Probate problems
● Errors in legal paperwork
● Issues with the lien
What Happens When a Title Won’t Clear
One of the most common problems during the purchase of a foreclosure is a title that won’t clear. The Internet is littered with tales of buyers who attempt to purchase a foreclosure and the sale doesn’t go through at the last minute.
This is almost always due to title problems. In many cases, these homes go off the market and don’t get relisted for some time. However, title insurance can help you identify title problems so you don’t lose money with your investment.
Purchase Your Minnesota Buyer Title Insurance Protection
If you’re thinking of buying a foreclosure, congratulations! Now that you’ve decided on a property to purchase, let us help you protect that investment. An error in your foreclosure purchase could end up costing you significant legal expenses down the road. Don’t take a chance that something can come up and cost you time and money.
Our team of title insurance agents at Liberty Title offers title abstracting, in-house exams, and legal advice. Give our team a call at 763.494.0340, or contact us to learn more about how we can help make your purchase go smoothly.