2007-06-20 15:43:45 · 4 answers · asked by chickidy 2 in Business & Finance ➔ Renting & Real Estate
No, not at all. The same laws apply for a forclosed house as does any other house. A friend of mine bought a beautiful forclosed house and is really enjoying it. She didn't have problems with paper work or anything. :) Good luck!
2007-06-20 15:47:19 · answer #1 · answered by **Angel** 2 · 0⤊ 0⤋
It might be in poor condition if the prior owners were short of money for a long time. They also may have a right to reclaim the home if they come up with money depending on your state laws. Foreclosures used to mean a good deal for the buyer but don't always now so it is as always buyer beware.
Don't forget to check for other liens like taxes or other mortgages. Title insurance might help and you should always get it anyhow.
2007-06-20 22:50:22 · answer #2 · answered by shipwreck 7 · 1⤊ 0⤋
I recently bought a forclosure. It was a great deal and there is nothing wrong with it. Just make sure you have it inspected and have an out clause in your offer in case it does end up having major problems.
2007-06-20 22:49:40 · answer #3 · answered by boredatwork 1 · 0⤊ 0⤋
No, actually I wish that I could find one. You can get some great deals with foreclosed homes. Also, another way to find a good home is to ask your band if the have any ""Bank Owned"" homes that they would like to sell. It's the same thing as foreclosed, now the bank owns them and usually will sell them for tha actual amount owed:-) Good Luck
2007-06-20 22:57:44 · answer #4 · answered by Cheryl 6 · 0⤊ 0⤋