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 - Storing Your Tractor - by Staff. If your tractor is going to be stored for any length of time, a few precautionary measures are helpful in preserving various parts, also in avoiding future difficulty. Store tractor under cover. If impossible to place tractor under cover, be sure to cover air stack and exhaust pipe. Drain radiator and engine block. To avoid gum content collections, drain both fuel tanks and carburetor. Leave radiator and fuel caps slightly loose to protect gaskets. Block tractor up to remove weight from tires and to keep tires from contact with moist floor.
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