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REO Buyers Should Have Title Advice

The uncertainty regarding flaws in the foreclosure documentation practices of a number of banks may have created “clouded” or unclear title issues for the buyers of REO homes. Purchasers of foreclosed homes absolutely should obtain title insurance, preferably working with a local title or real estate attorney.

The only problems I have seen is when the loan is sold between lenders. The title will show the old lender at the closing, while the pay off check will show the current lender. This is easily fixed by printing the proper paper work on record at the county assesors web site. I’m not sure why it takes 3-6 months to update a title, but that is the system we have to work with.

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