Foreclosure Crisis Still Poses Danger To Home Buyers, Owners & Professionals
While many might not even remember the crises of a few years ago, there are very real dangers lurking in the market left by them. The outlook for the Michigan and national real estate market seems bright, and we should be optimistic. That doesn’t mean putting the blinders on, and just hoping things will be okay. Home buyers, owners, and the industry professionals selling, brokering, investing in, and financing properties need to be alert to the risks, and know the real deal. There are still many foreclosure properties out there, and properties still to be cycled through the process. Millions more have recently gone through that process. But, you had better know what you are getting, giving, and have got. Or there could be severe financial consequences.
With the recent surge in property sales, and the coming boom, many are working too fast to pay attention, or don’t know what they should be watching out for. A lot of this all comes down to the title of the property, and the title insurance.
The title and title insurance policy reveal what you really own, what the conditions and exclusions are, what you have rights to, or not, what your insurance covers, and what you can guarantee to the next buyer, or a lender. This is very important to know before you try to rent or sell, or spend money on improvements. You might be very surprised at some of the issues that can arise with some sales. If liens aren’t paid off when you buy, or there may be unresolved potential judgements or claims to ownership, or you don’t really own all of the real estate or rights you think you bought, you might not have gotten the great deal you expected. It happens.
Avoid these issues by never skimping on title searches and a Buyers’ Policy. Read the fine print, ask questions till you get it, and if there are unknowns then be sure you are willing to take on the risk or price it in to your offer. Sellers and Realtors need to be aware of these issues and the best practices around them too. Otherwise deals will stall and buyers will be less than pleased.
Please get in touch with us, with any title questions you have. That’s what we’re here for!