Do I or do I not need to title search REO after offer is accepted???

[Summer Segeleon]

Will the purchase contract from a bank say "delivering clear and marketable title, free of liens or encumbrances" , and if so, then why would I need to pay the cost and time of a title search on a bank owned property? I've read through some previous posts, but haven't found a clear answer.

Also, if it is said that i do still need a title search- what if my attorney finds something.. I plan to submit offers with very little contingencies - so .. where and how in the contract will the ability to deal with a potential lien or problem exist ?

[Rick C.]

I have been making no-contingency cash offers on REO's, but ALWAYS do my own title search and get the title insurance.

If your search turns something up it will be remedied at closing out of seller proceeds vs you being stuck with it later. If they wont remedy you will be able to get out of the deal prior to closing.