Buying Foreclosure Houses?
Question:
Answer:
You do not need a lawyer to buy a foreclosure.
You can buy at different stages in the process. How and who you buy from will vary.
Check the two articles below. An REO is when you buy after the bank has foreclosed and is not the legal owner. Technically you are not buying a foreclosure but it will seem similar if you are looking for a possible deal.
The best thing for you to do is hire a lawyer who knows about house foreclosures. You need to be sure that everything is in order and that nothing
can come back on you. You don't want to wind up paying for something that
could come back and bite you and cost you more than what you should be paying. Make sure everything is free & clear, no hidden costs that will make the price higher than you can afford to pay. Also, check with the Court House and see how many liens are against it; you don't want to inherit that as well. We bought a Condo; the woman was totally honest but that was some of the things that we needed to do. And when we received the papers that said that
it was paid for, we had to go to the Court House, register it and make sure
there were no mistakes. But you really do need to get someone on your side
to protect your interests. Ask questions and go prepared. Good luck.
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