Investor · Denver, CO · Member since 2016 · 736 posts · 582 votes
9y
I have bought three properties from Auction.com. All three came with title insurance. One property had liens from the city mowing the lawn and cutting back weeds and the title insurance company reimbursed me for what I had to pay out.
Investor · Humble, TX · Member since 2017 · 5 posts · 4 votes
9y
Thank you for your Input.
Usually I see around 10-20 properties within my areas of Interest. It is not practical to spend $1000 - $2000 to run Title Report from a Title Company for all the properties.
After winning the AUCTION, getting Title Insurance is must.
How do the PROs approach this issue. I am familiar with running the LIEN search at County Clerk & related websites.
My main Question is : How do I find out from AUCTION.COM listed documents, which LIEN I am bidding against ?
Investor · Portland, OR · Member since 2015 · 119 posts · 78 votes
9y
Assuming you've cultivated a relationship with a title company previously to this auction bc of all the deals you've done with them they should be happy to run u a free prelim title report.
Investor · Denver, CO · Member since 2016 · 736 posts · 582 votes
9y
I have bought three properties from Auction.com. All three came with title insurance. One property had liens from the city mowing the lawn and cutting back weeds and the title insurance company reimbursed me for what I had to pay out.
Investor · Denver, CO · Member since 2016 · 736 posts · 582 votes
9y
@Rath Yelandur Property insurance was based on normal property insurance company costs...I don't remember the actual costs but I'm thinking about $1,300 through the title company?
Investor · Urbandale, IA · Member since 2016 · 10 posts · 4 votes
9y
The auction does not dismiss the liens, unless prior to auction the property went through foreclosure, which many do, but speak directly to auction reps and if any doubt purchase title insurance around 500 but they would give you a quote
Investor · Humble, TX · Member since 2017 · 5 posts · 4 votes
9y
The following is an excerpt from PURCHASE AGREEMENT document made available at AUCTION.COM website:
Buyer may be required to sign this document.
Q: Clauses B & C - What do they mean in lay man terms.
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Title Insurance Company is irrevocably committed to issue to buyer an owners title insurance policy covering the property with standard coverage customary in the state where property is located showing liability in the amount of the purchase price and showing insurable title to the property vested in buyer, subject only to the following (a) Title Insurance company standard exceptions (b) Liens for all current general and special real property taxes and assessments not yet due and payable (c) liens of supplemental taxes, if any assessed (d) any facts an accurate survey and/or a personal inspection of the property may disclose (e) the mortgage/deed of trust/deed to secure debt lien in connection with any buyer financing (f) any laws, regulations, ordinances (including but not limited to, zoning, building and environmental ) as to the use, occupancy, subdivision or improvement of the property adopted or imposed by any governmental body, or the effect of any non-compliance with or any violation thereof, including but not limited to, any disclosure an/or report required by ordinance (g) rights of existing tenants and/or occupants of the property (if any) (h) covenants, restrictions, easements and other matters that do not materially impair the value of the property or the use thereof (i) non-monetary encumbrances disclosed to buyer in writing prior to entering into this agreement (j) any other matter for which the title insurance company agrees to provide insurance at no additional cost to buyer