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You should NEVER purchase property without FIRST getting a title opinion or buying title insurance!

There could be liens that actually are larger than the amount you paid for the property. Without first having a title opinion or title insurance, this could become quite a costly venture. Further, when you refinance in two years, you will be able to get a re-issue credit on you lenders title policy because you have purchased owner's title insurance now.

A title opinion can usually be completed inside a week. The cost can vary but is usually under $1,000.00. Title insurance can be purchased in most states and the cost is often based on the value of the property. NEVER buy any real estate without one or both of these. It is a cheap way to be sure that you will not buy property and find yourself owing banks you've never heard of, or the ex-spouse of the seller for child support, or a carpenter that worked on remodeling the kitchen a year ago.

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โˆ™ 2015-07-16 19:33:28
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Q: If you purchase a USDA foreclosure house should you get a title opinion now or wait until you refinance in two years?
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Related questions

Can you refinance your home if it's in the early stages of foreclosure?

I don't think you can, you should try to get a mod- just say "bankruptcy" and see how helpful they will get.


Can I refinance a residential loan once foreclosure proceedings have started?

Yes, and you should keep fighting to stay in your home until the foreclosure is final. Make every effort to contact and work something out with your lender. Right now the banks don't want any more repossessed homes if a refinance could help you repay your loan.


Do you have a chance to inspect property you are considering for purchase at a foreclosure auction prior to the auction?

There is no chance a bidder would be able to request a viewing of the property being auction of as a foreclosure! That having been said, buying property at a foreclosure auction is an experience unlike any other in purchasing real estate. Although it can be a risky venture, it can often also very lucrative. Consequently, while you should try to participate in a foreclosure auctions, first-time and inexperienced investors should tread very carefully. In contrast to an ordinary real estate sale, most times a potential buyer will not even be allowed to inspect or survey the property prior to the auction. Partially as a result of that, and owing partially to the fact that one will have to come up with the entire purchase price in cash over a short period of time, a purchaser at a foreclosure auction would likely have to find nontraditional financing and then later refinance to a more traditional mortgage. == == Yes-- there should be a realtor that is handling the sale although I have seen people just walk around looking in windows and trying doors.


Where should one buy home foreclosure equipments?

You will most likely need to go to an auction to purchase any kind of equipment that has been repossessed in a foreclosure. There aren't really any direct sales without having to bid.


If you were in foreclosure but were able to refinance the home before the foreclosure went through how long will this stay on your credit report?

When I went through this they told me seven years, but it gave me trouble til 10 years to the day. At ten years and one day, it was like the world re-opened. the old loan which was in foreclosure, should show up as paid zero balance since you refinanced it. The loan and all of your late payments will still show up for 7 years.


Every person should refinance their mortgage after five years.?

Every person should refinance their mortgage after five years.


How do you refinance a house that you owe more than it's worth?

Generally, no new lender will allow a refinance in that situation. You should speak with your lender.Generally, no new lender will allow a refinance in that situation. You should speak with your lender.Generally, no new lender will allow a refinance in that situation. You should speak with your lender.Generally, no new lender will allow a refinance in that situation. You should speak with your lender.


Can you purchase a home with an eviction?

As long as this was not a foreclosure and it does not show on your credit report, you should be fine. If it shows in your 12 month rental history it could also be a problem


When we file the Motion to reinstate does this stop foreclosure process?

Once this motion is recorded it should stop the foreclosure process. Actually, once the bankruptcy is filed, the foreclosure process should already be stopped.


If someone is looking to refinance mortgage what is the first tip they should follow?

If somebody is looking to refinance their mortgage the first thing they should look at is how much they can afford to pay per month. Secondly, they should look at any fees involved with the refinance process.


How can get the information about refinance rates?

There are quite a lot of Refinance sites on the web I am including a couple www.tdcanadatrust.com/Refinancing , and this site www.calcxml.com/calculators/should-I-refinance-my-mortgage


What to expect in foreclosure of condo not primary home?

The foreclosure of a condominium unit upon which you hold a mortgage should proceed like any other foreclosure.


If you are an equal owner of a home with two other people and they refinance the house to buy you out who should pay for closing costs?

Usually the buyer pays all costs related to the purchase.


How do you stall foreclosure?

You can stall a foreclosure. If you negotiate with the lender for a short sale, the lender may hold back on the foreclosure process to allow you to complete the short sale. You can also challenge the foreclosure process in court. If there are any irregularities in the foreclosure process initiated by the lender, the court can stall the foreclosure. You should ask the lender to produce the original note. Often the lender initiating the foreclosure is not the original lender. Most lenders sell the mortgage to other lenders and institutions. It is the subsequent lender who generally initiates the foreclosure. Often the subsequent lender may have problems producing the original note. Sometimes it can take months to produce the original note. Filing for bankruptcy also stalls the foreclosure. Negotiations with the lender can also buy you time. For an official opinion, it is advised you seek legal counsel.


When should one refinance their mortgage?

One could refinance their mortgage when the interest rate decreases. However, one must also think the amount they have to pay to refinance their mortgage.


Should you refinance your car loans before or after you buy a home?

There is no set rule on whether or not you should refinance your car loans before or after buying a house. This is your choice.


Do you need the original deed to refinance?

You will need your deed to refinance your home. If you no longer have it, your mortgage company should be able to get it for you.


What stage in a foreclosure is there a time that the foreclosure cannot be stopped?

Foreclosures are either judicial or non-judicial foreclosures. In a judicial foreclosure, the lender obtains an order for foreclosure and sells the home through a Sheriff's auction. In a non-judicial foreclosure, the lender takes over the home and sells in through public auction. The earlier you begin your negotiations with the lender, the greater your chances of stopping foreclosure. There are many options for stopping foreclosure - loan modification, assumptions, short sale, etc. Once the notice of sale is issued, you can still stop the foreclosure by paying the default amount. Once the sale is complete, you cannot stop the foreclosure. The foreclosure is complete. However depending on your state law you may redeem the home by paying the new owner. Legal Disclaimer: The answer above should not be relied upon as legal advice. The information provided above is based on insufficient facts and only speaks to a general opinion based on those insufficient facts. No warranty is provided that the answer is correct. No attorney-client relationship has been formed with me until a signed written contract is complete. For an official opinion, it is advised you seek legal counsel.


How bad is it to do a foreclosure and a bankruptcy at the same time?

You technically should not be able to do both at the same time. The bankruptcy should stop the Foreclosure proceedings in its track.


How long do you have to demand the return of personal items in your house after a foreclosure?

You should check the foreclosure laws in your area.


What should you consider when thinking about refinance options on car loans?

When thinking about refinance options on car loans, you should consider the terms and hidden fees involved. You can get more information at www.carloancalculator.net.au/refinance.php or auto-loans.wellsfargo.com/refinance/auto-loan-refinancing.html


How can you refinance your home for a mortgage?

In order to refinance your home, you should look for a reputable mortgage broker. Work with the broker to find a good plan to refinance you home by looking at you current mortgage.


How long after foreclosure do you have to vacate your home in California?

Generally, if you are the owner you should be prepared before the foreclosure sale. You will be given notice of the time and date of the foreclosure sale. When the foreclosure sale takes place and the property is sold you will no longer have the right to enter the premises. You should remove your personal belongings before the sale.


When a husband leaves and doesn't pay any of the mortgage is he entitled to half the equity in the house?

If he is on the deed, yes. If you can afford to keep paying the mortgage on your own it would be better to refinance in your own name and make him an offer and buy him out. On the other hand, even if he leaves he is responsible for the mortgage in the case of a default. A foreclosure would ruin his credit also.You should consult with an attorney about a divorce and the real estate you own jointly.If he is on the deed, yes. If you can afford to keep paying the mortgage on your own it would be better to refinance in your own name and make him an offer and buy him out. On the other hand, even if he leaves he is responsible for the mortgage in the case of a default. A foreclosure would ruin his credit also.You should consult with an attorney about a divorce and the real estate you own jointly.If he is on the deed, yes. If you can afford to keep paying the mortgage on your own it would be better to refinance in your own name and make him an offer and buy him out. On the other hand, even if he leaves he is responsible for the mortgage in the case of a default. A foreclosure would ruin his credit also.You should consult with an attorney about a divorce and the real estate you own jointly.If he is on the deed, yes. If you can afford to keep paying the mortgage on your own it would be better to refinance in your own name and make him an offer and buy him out. On the other hand, even if he leaves he is responsible for the mortgage in the case of a default. A foreclosure would ruin his credit also.You should consult with an attorney about a divorce and the real estate you own jointly.


If the lender starts the foreclosure process but isn't completed should it show on your credit report?

It wouldn't show up as a completed foreclosure, but it would show up. It would say "foreclosure started" or "foreclosure initiated" or something to that effect.