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Are Foreclosures Always a Good Deal?
Manage episode 168226717 series 1326665
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Hello, and welcome to Part II of our foreclosure series! Today, we share more tips on how to buy a foreclosure property.
The banks selling foreclosed properties will often want you to live in the home for one year before selling. If you intend on buying a distressed property, plan on being there for at least a year! The bank will make you sign an occupancy affidavit, which will place a restriction on the deed. If you try to sell the property before occupying it for a year, they will fine you!
Be aware of title issues when purchasing a foreclosed property. HOA title issues are common on these properties, to say nothing of the many other title problems that can arise. Working with a competent closing agent who will do a title search on the property before you commit will help you avoid any unexpected problems.
The banks selling foreclosed properties will often want you to live in the home for one year before selling. If you intend on buying a distressed property, plan on being there for at least a year! The bank will make you sign an occupancy affidavit, which will place a restriction on the deed. If you try to sell the property before occupying it for a year, they will fine you!
If you have more questions about buying foreclosed properties, or if you need any real estate assistance of any kind, give us a call or shoot us a quick email. We would love to hear from you!
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