Like anything in life, do your research. I wouldn't automatically assume that any lawyer or title-insurance company is going to be thorough. Some are and some aren't. I've bought several foreclosed properties and discovered many mistakes made by attorneys and title companies. All from banks and all in northern Michigan. With any title insurance company I've dealt with - they have many loopholes in the fine-print to protect them from liability. They have to make an overt mistake and miss something in the general records to be liable. If something hidden and estoric pops up, often then are not.
Also, in many states, I wouldn't touch a property offered with a quit-claim deed unless awful cheap.
Here in Otsego County, New York . . . when the county sells a property, they back it and guarantee it 100% even though they ONLY use quit-claim deeds - which is kind of strange.
And yeah, as another mentioned, many if not most of these properties are very run down, stripped, etc. But for me, that's what I want. A $150,000 house that sells for $25,000 can be a pretty good deal . . . and have low taxes until you get around to fixing it up. Since I'm a non-resident, the taxes I have to pay in Mighigan are doubled - so having the houses in bad shape is a big assest - until it comes time to sell or live in them.
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Today's Featured Article - Restoration Story: 1929 McCormick-Deering 10-20 - by Randal Simmon. On July 4th 1998 my dad and I was sitting on the front porch when he said that he was going to sell his two 10-20's to a junk man. He said that the junk man was going to give him $500 for both of them but he hadn't received the money for them yet. So I went into the house and wrote him a check for $500 and bought them myself and said now they are mine. He had bought them about five years before thinking that he was going to restore them himself. After five years sitting in the barn, he changed h
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