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Updated over 5 years ago on . Most recent reply

User Stats

41
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Frank C.
  • Rental Property Investor
  • Aiken, SC
14
Votes |
41
Posts

clean title with RealtyBid?

Frank C.
  • Rental Property Investor
  • Aiken, SC
Posted

I have been looking for my first deal.  I ran across what looks like a foreclosure auction close to my primary residence. It is an a C class neighborhood. There are no inside pictures available.  "As-is, where-is, no inspection contingency or access to the property.  Title to this asset will be conveyed to the buyer via Quitclaim Deed or its equivalent and with no express or implied warranties of title."  The FAQ on RealtyBid says: Unless otherwise noted on a property's Bid Page, Buyers will not be responsible for back taxes, liens or title-related issues for the property purchased. Unless otherwise stated, the Seller will convey insurable title to the Buyer upon closing; otherwise, the Buyer has the right to cancel the purchase with a full return of their deposit.

There are no bids on this property and the auction will be over on Monday.  I probably will not bid since I want my first deal to be a low risk, low-medium reward endeavor.  If I were to bid, how would I ensure that the title is clean?

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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
13,508
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23,418
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

Maybe......  Typically, they will offer title insurance, in which comments above would apply.

But as it says "unless otherwise noted on bid page", then apparently on the bid page it says "no express or implied warranty of title".  You need to verify this.

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