Protect Yourself with Home Finance - Page 2
The loan approval may include items like; repairs to be made before closing; a clear termite inspection; roof inspections, etc. Very importantly, an underwriting approval will always call for a clear title report. Those at the greatest risk for back-claims are cash buyers. The approach that many retired home buyers have taken is to seek a nominal loan amount when purchasing a new home, simply to get that added protection.
Call your trusted mortgage broker for details, and if you purchased a foreclosed home recently you may need to call your attorney or real estate agent to ensure that you have title insurance.