gregorygarver.com

MissV4799 · Joined: 15 Mar 2006 Posts: 3

Is it advisable to engage a real estate attorney?

Lisa · Joined: 31 Jan 2006 Posts: 5

one major problem is that there may be liens against the property beyond the one that is foreclosing. example the homeowner has two mortgages, some lawsuits, back taxes and a DUI (some states apply these fees as liens against the property). if the holder of the 1st mortgage is who forecloses the property and you buy it, the rest of those liens are still against the property which you now own. one suggestion is to get a title search

beba_pr18 · Joined: 01 Sep 2006 Posts: 6

The only "danger" is that foreclosed properties are sold "as-is" with no warranty. You can have your own inspector to inspect the property so you'll know what kind of problems the property has and what kind of repairs need to be done (but keep in mind that a bank, which owns a foreclosed property will not even look at the home inspection report and will not fix anything.)As for an attorney, of course you need a professional working for you. If some areas of the country a Realtor can do most of the work (and it doesn't cost you anything, when you are a buyer.)Never buy real estate on your own, unless you did it a million times and know everything about it.

frankieb4877 · Joined: 24 Dec 2006 Posts: 6

You get the home sight unseen. Often times when people are losing their home to forecloser they will trash it. Unless you are prepared to do major maintainance (like replacing all of the plumbing for example) you likely won't get as good of a deal as you thought. Guy near my home town is currently in a mjor lawsuit because he had the winning bid of $3.5 million for a forclosed mansion. Turns out the previous owner had locked hundreds of cats inside upon leaving. The damage caused the home to be condemned. He will likely win the suit and get his money returned, but this is an example of what people do to forclosed property.

newmexicorealestateforms0 · Joined: 04 Nov 2004 Posts: 3

There could be several dangers. About the liens, get title insurance (owners policy). And be sure to save all your paper work. The main danger to worry about is the condition of the home. Foreclose is a long drawn out process. Often the homes are abandoned or in neglected. Sometimes, because people are "forced" out, they do things such as let animals tear up the house, break things and so on. If you do buy a forclosed house, be prepared to do alot of rehab work also, CHANGE ALL LOCKS.

MikeR · Joined: 05 Oct 2002 Posts: 6

Dangers of Buying Real Estate Foreclosures Too Quickly http://on-real-estate.blogspot.com/2007/11/dangers-of-buying-real-estate.html