nc foreclosure attorneys
Buying county foreclosure sale – title search?
I’m trying to buy a foreclosed home at public auction by local county in NC, where a commissioner’s deed is issued. My understanding is that any/all liens (first/second mortgages..etc.) are all expunged upon sale.
If I’m getting bank financing on the home and since a title search will be done anyways by closing attorney….why would I still need to do my homework and get a title search done before bidding?
Is it necessary to have title search done during this “homework” period.??
You better do it. There could be a nasty surprise or two waiting for you. If you are going to buy, you will want title insurance and as you said the lender will require it so ask a title insurer what it will cost. It shouldn’t be terribly expensive and there is what is known as a preliminary report which is much cheaper but doesn’t dig as deep. You may wish to get one of them. Good luck!
