2006-11-01 09:17:54 · 3 answers · asked by raemom05 2 in Business & Finance ➔ Renting & Real Estate
Safe from what?
Former occupants? Well, be sure the foreclosure delivers possession, not just the right to disposess, and change the locks before you do anything else.
Other liens? Unless the papers say "subject to" another lien, yes, it's safe.
Structural problems? Not likely, it's usually sold "as is" by people that never looked at the property.
Everything has risk, nothing is "safe", but an hour with an attorney can identify most risk in this kind of thing.
2006-11-01 09:23:34 · answer #1 · answered by open4one 7 · 1⤊ 0⤋
I would venture to say yes. You will have an appraisal which will detail any physical defects in the property and most likely you will pay for a home inspection as well. The home inspection will test the electrical system, plumbing system, look at the condition of the roof etc...
You most likely will find some deferred maintenance in a foreclosure property but it may well be a diamond in the ruff which you can pick up for below market value and even after making repairs have a home you can be proud of!
Best of luck.
Kevin 866-562-6838 x 106
kruorock@firstratelending.com
2006-11-01 09:24:23 · answer #2 · answered by Mudisfun 3 · 1⤊ 0⤋
There is more risk than a typical house, hence the cheaper price.
You need to do your homework before you plunk down the cash. If you don't know enough about inspecting the place, you need to hire a pro to help.
You also need to be certain what kind of title you have. If you have a warranty deed, you should be all good, but if you have a sherrif sale deed, or quit claim deed or something, than just make sure you use a reputable title company.
2006-11-01 10:03:24 · answer #3 · answered by Anonymous · 0⤊ 0⤋