What are downsides and pitfalls of buying property in pre-foreclosure?
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BOOKIEBOO, is that only for properties purchased in pre-foreclosure or does that 2-year window apply to properties purchased at any level of the foreclosure process. I would think that if a property is bank owned, REO?, which is the last leg of foreclosure, then the bank owns it and is outright the seller.
This is just what I picked up here and there with reading answers. I didn't know about what you said but if that applies to every foreclosure at any stage then that is crazy and seems unfair to the buyer. Sorry you had to go through that.
i am currently buying a home that is now bank owned so i ahve read up alot on the subject. dotn quote me on this but from what ive read.. in most areas one thing they dont tell you up front is the the current owners of the propety in question will have up to 2 years to sent things straight and buy back the property even if you buy it first...
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