Foreclosure Risks: Title Defects
April 13, 2008 by Katie Wethman · 2 Comments
One risk of buying an REO (bank-owned) property that you rarely hear about is the potential for title issues. Buyers incorrectly assume that since liens are typically extinguished in a foreclosure, that the title is free-and-clear. Not always so! Let’s discuss the process. Lenders require buyers to obtain title insurance on the property. These policies [...]
FAQ: Buyer’s Closing Costs
January 17, 2008 by Katie Wethman · Leave a Comment
Many buyers are aware that they have fees related to the purchase of a new home—a rough guide is 2.5%-3% of the transaction value–but what are these fees, and are there ways to minimize them? First, a few clarifications. Both buyers and sellers have closing costs in a transaction; the sellers’ are typically much higher [...]
Common Buyer Mistakes: Title Insurance
March 16, 2007 by Katie Wethman · 1 Comment
I often get asked for the most common mistakes buyers make, and there are many. One that is less well known is around Title Insurance. Title insurance is required if you have any mortgage on the property. There are actually 3 types, all of which are paid by the buyer. The lender’s coverage (required), the [...]
