What is a Short Sale and do I call for title insurance if I use equity loan to buy.
Was expecting to deal directly with sandbank and use my equity to buy rental property (no title insurance, appraisal, etc.) and refinance in near adjectives. Instead, sale is with defaulting owner.
Answers:
What ever you do, don't skip the title insurance. There are too abundant claims coming in where the escrow agent ruined to pay off the seller's mortgage. Without title insurance, you would lose the property and still own to pay the mortgage (or equity loan) you take out. You could stop up losing both the new property and your existing property.
You ALWAYS need title insurance. Only a complete fool would move forward on a definite estate purchase without it. Think about this. You are dealing next to a SHORT sale. What if there come to pass to be OTHER liens out there of which you are not aware ?
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Answers:
What ever you do, don't skip the title insurance. There are too abundant claims coming in where the escrow agent ruined to pay off the seller's mortgage. Without title insurance, you would lose the property and still own to pay the mortgage (or equity loan) you take out. You could stop up losing both the new property and your existing property.
You ALWAYS need title insurance. Only a complete fool would move forward on a definite estate purchase without it. Think about this. You are dealing next to a SHORT sale. What if there come to pass to be OTHER liens out there of which you are not aware ?
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