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There should be a preliminary title report if it was in escrow. Ask to see it. Do not buy a property with title issues unless you are experienced with this topic and have the capability to clear title.
I doubt the bank is insane. More like the bank is hoping we're stupid. Trying to wash their hands of as much risk as possible, as quickly and cheaply as possible.
NinaN: We are waiting on the preliminary title report and will not close until we have proof of clear title. No point in having held onto the contingency otherwise.
Still don't know if there were other offers to begin with, or if we could have paid less, but when all's said and done I feel good about the purchase. Cheaper is always better, but we paid about a third of last year's appraised value and we have money left over for some improvements.
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