I wonder if as the operating strings get shorter in some cases if there will be general contractors who are willing to arrange for the homeowner to pay the subs and suppliers directly and to pay the general contractor separately for overseeing the job. As the market changes everywhere, it can pay to be even more cautious than ever before.
While title insurance is designed to protect the home as it is at purchase for the cost at purchase, anything afterward could be subject to a lien if the blanks are not all filled in.
I have read here on TOTV that the foreclosures there may be due to speculators caught before they could flip. I would bet that is right in most cases there. And it does not sound like there were a lot of speculators like there were in other parts of the country.
I would be sure to make sure that title was insured on a foreclosure purchase. Who knows how far out a speculator may have leveraged.(Well, for me, I would insure the title of any purchase, but that's just me.)
In the old days title insurance where I live was looked at differently from the way it is now. For those who are curious about title insurance, there is a lot of stuff in the archives here on TOTV. A search should turn up the debate.
Boomer
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