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Old 05-04-2008, 03:47 PM
 
Location: WestCentral FL and Crossville TN
44 posts, read 137,968 times
Reputation: 25

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After reading a lot of threads, spending time around Maryville, Cookevile, Crossville and Fairfield Glade, and traveling on a lot of roadway in Tennessee over the last three years, we have decided on Crossville. Tennessee sure has a lot of beautiful areas and friendly people, even with us Floridians moving in.

We made an offer on an existing home, which has been accepted, so soon we will be on the south side of Crossville in Cumberland County. With a home still in Florida and the housing market not so good there, we will be Floridians for some time yet. We hope to spend a lot of time In Crossvile this summer and every other chance we get. We have already attended the church we plan to be part of and hope to find places to volunter our time once we're settled.

I have a question for those informed about home owners title insurance. Is it foolish not to get it? If a title search shows everything ok, is that enough? The title insurance seems like a lot of $$ and the web sites promoting it are all related to the insurance industry, so a biased opinion. Their examples of cases that needed it are rather extreme. One financial magazine recently was against it for most situations. In our situation the home is only 7 years old, so not much history on the structure.

Anywho, we will soon have a home in Cumberland County (Alpine Lodge in Cookeville will be out of some revenue as we have spent a lot of nights there) and wanted to share with all of you that have been so helpful. Thanks to everyone.
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Old 05-04-2008, 08:54 PM
 
16,174 posts, read 32,293,428 times
Reputation: 20577
Quote:
Originally Posted by Lucky Eddy View Post
After reading a lot of threads, spending time around Maryville, Cookevile, Crossville and Fairfield Glade, and traveling on a lot of roadway in Tennessee over the last three years, we have decided on Crossville. Tennessee sure has a lot of beautiful areas and friendly people, even with us Floridians moving in.

We made an offer on an existing home, which has been accepted, so soon we will be on the south side of Crossville in Cumberland County. With a home still in Florida and the housing market not so good there, we will be Floridians for some time yet. We hope to spend a lot of time In Crossvile this summer and every other chance we get. We have already attended the church we plan to be part of and hope to find places to volunter our time once we're settled.

I have a question for those informed about home owners title insurance. Is it foolish not to get it? If a title search shows everything ok, is that enough? The title insurance seems like a lot of $$ and the web sites promoting it are all related to the insurance industry, so a biased opinion. Their examples of cases that needed it are rather extreme. One financial magazine recently was against it for most situations. In our situation the home is only 7 years old, so not much history on the structure.

Anywho, we will soon have a home in Cumberland County (Alpine Lodge in Cookeville will be out of some revenue as we have spent a lot of nights there) and wanted to share with all of you that have been so helpful. Thanks to everyone.
If you don't purchase title insurance at closing you still have one year grace period in which to purchase. So, go with your gut feeling. If you don't purchase and then you start feeling antsy go ahead and purchase. In some situations it is good to buy and in other situations it is, well, just insurance. Great to have if you need it and a waste of money if you never used it. How is that for some sound advice?

Congrats on your purchase and Welcome to Tennessee!
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Old 05-04-2008, 09:38 PM
 
Location: WestCentral FL and Crossville TN
44 posts, read 137,968 times
Reputation: 25
Thanks for that info, SmokyMtnGal, and the welcome. I didn't know about a grace period. Would doing it later require a new title search, etc. Also, do you know if doing the title search and/or title exam requires a written report with the findings be given to the buyer at closing? In my case there are fees for the title search, title examination and then the title insurance, which added together is a good amount. I'm used to it all being one fee and a lower amount. But I haven't done this for a few years so fees are probably higher now. But that money could be used for updates to the house.
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Old 05-05-2008, 06:39 AM
 
39 posts, read 185,430 times
Reputation: 14
I personally, would never buy land/home without title insurance.

I work in a County Recorder's office in another state (we are moving to TN this summer), and just this last week I saw an example of why you should have title insurance. Back taxes were missed a couple of years ago, and because of the buyers having title insurance, the title company has to pay the money.

as far as I know all banks will require title insurance if you are financing.

and all leans are not against homes, they are against the land.
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Old 05-05-2008, 11:54 AM
 
Location: Somewhere over the rainbow in "OZ "
24,761 posts, read 28,298,183 times
Reputation: 32830
Spend the extra couple hundred and get a good real estate attorney.......
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Old 05-06-2008, 07:25 AM
 
Location: Foothills of the Smoky Mountains
380 posts, read 1,172,299 times
Reputation: 227
Welcome to TN! You will love the Crossville area. I spend a couple of weekends a year at Cumberland Mountain State Park and take an additional 6 day trips or so a year. Good parks, good cheese, good wine, and good people all to be found in the area. Did you buy in the Homestead area?

I worked at a title company for 7 years and Yes, yes, yes buy the title insurance, and better to do it at closing. It protects you from faulty surveys, omissions and errors in deeds, liens discovered after closing that were missed by the examiner, etc. Also in this day of identity theft, you really should protect yourself. Ask the title company about a simultaneous issue rate if you are getting a loan. It's different everywhere, but typically the lender will require a loan policy, which will only cost about $50 or so when the owner's policy is purchased. If paying cash, there's no discount like that. However, ask the seller if they had title insurance on the property. If they can help you out by providing a copy of their policy, most companies will provide a 30-50% discount to you as credit for a prior policy. Also, check your sales contract closely. Some contracts actually state that the seller will furnish an owner's policy unless otherwise provided for within the contract. You might be pleasantly surprised to learn that the seller has been required to pay for this.

Good luck to you, and enjoy your new life in Crossville.
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Old 05-07-2008, 08:18 AM
 
Location: WestCentral FL and Crossville TN
44 posts, read 137,968 times
Reputation: 25
Thanks for the replies and welcomes, everyone. I did ask about the grace period and was told it was only 30 days. I'll ask about the discount for the seller having had a policy. Either way I decided to go ahead and get it.

McMar, no its not in the Homestead area. but we did look a lot in that area. We will be adjacent to the Sherwood Farms subdivision just a few miles south of town. Its called The Terrace Obed River. Sounds fancy but its not. I agree about the park. All the parks in the area are great. And driving around Crossville we have found its much bigger than we had thought.

Thanks again
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Old 05-07-2008, 11:42 AM
 
Location: On the plateau, TN
15,205 posts, read 12,010,350 times
Reputation: 10013
Lucky Eddy, welcome to our secret hideaway.....
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Old 05-08-2008, 11:26 PM
 
Location: WestCentral FL and Crossville TN
44 posts, read 137,968 times
Reputation: 25
Thanks, Bones. We closed today! Tonight we're in an empty house instead of the motel. Sleeping on an inflatable bed. bought 2 folding director chairs to sit in and thats it. But we're snug as two bugs in a rug.

Later
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Old 05-09-2008, 02:25 AM
 
Location: Knoxville, TN
2,171 posts, read 7,624,315 times
Reputation: 1534
Hit Page Auction in Crossville on Saturday at 5 p.m. to get furnishings on the cheap. They have their general merchandise/estate leftovers auctions on Saturdays. I've picked up some nice things there.
Page Auction
Friendly place. It's behind the Vegas restaurant on Hwy. 127, just south of I-40, exit 317. There's a Cracker Barrel at that exit.
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