The current buyer's market has been the result of many factors including the high number of foreclosures present in the market. The corporations that own the foreclosures are pricing the homes for the current market environment, and are therefore selling them (sometimes at huge discounts to the previous sale price).
One of the major issues with buying a foreclosure is the need to have clear title. This is sometimes difficult because banks rarely have the property's abstract (the history book about the property since it's beginning). There is significant expense to have an new abstract produced, so many times the bank is unwilling to pay the cost for a new abstract.
How then do you ensure that you are to be the only owner of the home, and that others will not come to later with a claim against your home? The answer is to simply get owner's title insurance. That is a one time fee (usually in the range of $200 - $500) that is paid at the time of closing. Then if someone comes to you with a claim (lawsuit), you will have the title company to take care of any problems. The title insurance will either pay or fight the claim at no additional cost to you.
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KeithMaki.com - Get the facts about buying and selling homes in Central MN.
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