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what are the pitfalls of buying foreclosed porperty in Florida

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December 02 2010 - US
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The same as buying foreclosures anywhere else. You need to verify just what you are buying especially if you buy the foreclosure at auction.

Condos, for example, can be foreclosed by the Condominium Association. Buying this property at auction may get you very temporary rights until the bank or lender forecloses on the unit and you may lose all your investment.

And this is just one example of a title issue you may also have hidden issues so you will need to hire a good home inspector as well.

Best to find a lawyer or lawyer/title and a local Realtor to assist you through the complex and tricky purchase of distressed properties.

However, by selecting carefully you may get a good property below its market value and realize a good purchase. There are lots of opportunities out there.
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December 02 2010
 
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