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Dan Said:

Do you need a title search and insurance on an reo(bank owned) property?and do you have to worry about a C.O.?

We Answered:

As the seller of the property, the bank is responsible for providing you with clear title that is certified by a title opinion (not worth much in my view) or a title insurance policy. I wouldn't buy a property without title insurance. Good luck to you.

Dianne Said:

Is title insurance really necessary?

We Answered:

No, I would not buy a property without a title policy.
Unless you pay cash you will be required to get a title policy before you will be able to obtain a loan.
Many things can be discovered when they(the title co) does the title search on the property.Do not take that kind of chance.

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Sarah Said:

Should I have a title search done before I put earnest money down?

We Answered:

normally you would see a mortgage lien on the property.

you can visit the county records to view liens against a property. a lot of counties have their websites ONLINE..and you can probably view it there. You will need the owner's full name...and then you can search by deeds.

you CAN get the money back if you put contingencies on the contract.....if you dont then you're out of luck!
title searches are a few hundred dollars!

if you're paying cash for the house then it would be prudent to have the title search, and get title insurance.

make sure that your seller offers you a general warranty deed which means that the deed is clear/transferable.

if you're getting amortgage then you WILL HAVE TO have the title search.

find out HOW LONG this guy has owned the property...if it's a long time then have a survey done...you dont want any ENCROACHMENTS on the property. good luck