Buying a foreclosed home can be a great way to save money and purchase a home that you wouldn’t otherwise consider due to price. There are some important considerations you need to think about when you are in the process of buying a foreclosed home. Leinart Law has put together some of the most important points in this blog for you.
Check Out The Property
Of course the most important thing to do when you are buying a foreclosed home is to see the property up close and in person. If you are doing a purchase long distance, have someone you trust give you a virtual tour with a camera. Take note of any repairs that may need to be made and the general state of the home.
Title Search
You want to ensure that the title is clear on the home you are purchasing. A title search determines if there is a second mortgage, unpaid taxes, or any other debts that are secured by the home. In order for the home to be freed from the liens, the debt must be paid off.
Formal Inspection
It is strongly recommended that you hire a professional inspector to do a formal inspection before you purchase a foreclosed home. When money gets tight normal maintenance goes ignored. Having a professional report will assess the cost and condition of any defects or repairs.
Mortgage Pre-approval
The world of buying a foreclosed home is fast-paced and you need to be ready to make a good offer quickly to get a good deal. Some lenders will not finance a foreclosed property, so finding one who will prior to finding the home you want to purchase will save you time and stress.
If you have any additional questions about foreclosure or buying a foreclosed home, contact Leinart Law Firm today. With offices in Dallas and Fort Worth, our experienced foreclosure attorneys can help you with your unique legal needs.
