If you purchase a USDA foreclosure house should you get a title opinion now or wait until you refinance in two years?

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.