Insurance On Occupied Forclosures Bought At Auction

Greetings everyone…new member of forum here. I have bought and rehabbed many vacant foreclosed houses over the years, but have yet to buy an occupied home at auction.

This morning I saw an occupied home in MINT condition sell at auction with heavy bidding competition for about 65 cents on the dollar. As you cannot start disposess proceedings until you close, is there a way of insuring the property before closing to protect youself from wiinding up with anything from a severely trashed home to a pile of cinders if the occupants turn vindictive?

In a worst case scenario, you could wind up with nothing more than a building lot. Being able to meet or speak with the occupants is not always possible…and even when possible, people’s circumstances, attitudes, and actions can change over the course of time…

Immediately upon winning the property at auction contact your insurer and order a landlord policy. If you have difficulty with your regular insurer here are a couple that provide specialty insurancea: http://www.amig.com/ and http://www.foremost.com/products/specialty_homeowners/index.htm.

swgprop…

Thank you so much for the advice and links, my personal insurance agency should be able to write a policy like this, If not I will try the companies in the links…