Lost in Foreclosure

by Nick 19. February 2013 15:23
In a closing that seems to have been lost in translation, a buyer's property was lost in foreclosure.

A Buyer bought a property from the seller before completion of a Tax foreclosure, but did not purchase the owner's policy.

Unfortunately the tax foreclosure wasn't completely satisfied and continued through to a sale of the property.
Someone bought the property and


When the Buyer bought it, the property was not expensive, and the closing seemed simple enough.

But now
, for the Buyer, the agents, the title agency, there is stress, anxiety, turmoil, and did I say stress? All things we like to avoid in our daily lives.

People ask me all the time if the title seems clear, if the people owned it a long time, and other questions trying to justify not buying an owner's policy.

All I can say is, the risk is always uncertain.

NOTE: If the buyer is spending lots of money on improvements, they probably want to buy an increased amount of coverage.  In a case like this, an owner's policy would have paid back the purchase price, but not improvement expenses.



Nicholas D. Perrino
Attorney at Law
Prodigy Title Agency
8080 Beckett Center Dr. #318
West Chester, OH 45069
513  870-9070 PH
513  870-9071 FX