Zillow Advice: Buying a Foreclosure - What do I need to watch out for in buying a foreclosure? http://www.zillow.com/advice-thread/What-do-I-need-to-watch-out-for-in-buying-a-foreclosure/364154/ Zillow Advice | Zillow Real Estate I agree. Use a reputable ... http://www.zillow.com/advice-thread/What-do-I-need-to-watch-out-for-in-buying-a-foreclosure/364154/ I agree. Use a reputable title company. If there's a cloud, a GOOD title company will catch it and stop any closing until it's resolved. <br/><br/>Understand that not ALL title companies are good. Some have let a clouded title flow through, in error, because they didn't catch the lien. I had one where I was the listing agent and when my Seller purchased the property 10 years back, that title company slipped and failed to resolve an issue. When my title company caught it, I had to run around last minute to fix what should have been resolved years ago so that my Seller can close. Luckily, we were able to get it done. Thu, 10 Feb 2011 15:41:00 GMT http://www.zillow.com/advice-thread/What-do-I-need-to-watch-out-for-in-buying-a-foreclosure/364154/ 2011-02-10T15:41:00Z You should use a title company ... http://www.zillow.com/advice-thread/What-do-I-need-to-watch-out-for-in-buying-a-foreclosure/364154/ You should use a title company to handle the closing.&nbsp; This way you will know if there are any outstanding liens on the property.&nbsp; A title company won't allow the closing to happen if the title is clouded.&nbsp; We run all our deals through a title company so the buyer knows they are getting a clean property. Thu, 10 Feb 2011 13:19:00 GMT http://www.zillow.com/advice-thread/What-do-I-need-to-watch-out-for-in-buying-a-foreclosure/364154/ 2011-02-10T13:19:00Z Hi nhdomains, I am a Realtor ... http://www.zillow.com/advice-thread/What-do-I-need-to-watch-out-for-in-buying-a-foreclosure/364154/ Hi nhdomains, I am a Realtor and I have my title company do the property research and therefor get the closing, beside they are issuing the title insurance.&nbsp; Best Regards Sat, 18 Sep 2010 02:30:00 GMT http://www.zillow.com/advice-thread/What-do-I-need-to-watch-out-for-in-buying-a-foreclosure/364154/ 2010-09-18T02:30:00Z If you're buying a condo ... http://www.zillow.com/advice-thread/What-do-I-need-to-watch-out-for-in-buying-a-foreclosure/364154/ If you're buying a condo the HOA dues and assocation dues will have to be addressed and paid through escrow.&nbsp; I hope this information helps you! Sat, 18 Sep 2010 02:21:00 GMT http://www.zillow.com/advice-thread/What-do-I-need-to-watch-out-for-in-buying-a-foreclosure/364154/ 2010-09-18T02:21:00Z A lien is a lien is a lien. ... http://www.zillow.com/advice-thread/What-do-I-need-to-watch-out-for-in-buying-a-foreclosure/364154/ A lien is a lien is a lien. If the previous owners skipped out on the HOA,&nbsp;chances are they skipped out on paying prop taxes and other miniscule fnancial items that add up like a purchase at Costco, ie; mechanics' liens, bond liens, legal liens, ad infinitum-- esp. in these hard times.<br/>Run a title search during escrow. Most purchase contracts allow a due diligence period for the buyer, ie; inspections, title searches, etc.<br/>You can cancel ( in CA) during the 17 day period for any,undisclosed reason, whatsoever. AND YES, YOU ARE ACCOUNTABLE, AS THE NEW OWNER, FOR $$$ YOU HAD NOTHING TO DO W/ INCURRING. Sat, 18 Sep 2010 02:13:00 GMT http://www.zillow.com/advice-thread/What-do-I-need-to-watch-out-for-in-buying-a-foreclosure/364154/ 2010-09-18T02:13:00Z The bank may not hold your ... http://www.zillow.com/advice-thread/What-do-I-need-to-watch-out-for-in-buying-a-foreclosure/364154/ <p>The bank may not hold your responsible, but the HOA, Condo,Tax could hold you responsible as the new owner for fees that were missed.<br/><br/>I sold a home where the title company did not pay off the estopple and the association went after the buyer.<br/><br/>Eve in Orlando</p> Fri, 17 Sep 2010 22:26:00 GMT http://www.zillow.com/advice-thread/What-do-I-need-to-watch-out-for-in-buying-a-foreclosure/364154/ 2010-09-17T22:26:00Z And dont forget taxes! Your ... http://www.zillow.com/advice-thread/What-do-I-need-to-watch-out-for-in-buying-a-foreclosure/364154/ And dont forget taxes! Your sale price likely WILL NOT be considered when the area is assessed next year. Fri, 17 Sep 2010 20:54:00 GMT http://www.zillow.com/advice-thread/What-do-I-need-to-watch-out-for-in-buying-a-foreclosure/364154/ 2010-09-17T20:54:00Z Very simple you need a good ... http://www.zillow.com/advice-thread/What-do-I-need-to-watch-out-for-in-buying-a-foreclosure/364154/ Very simple you need a good Realtor,Attorney, Title Company,Home Inspector/Contractor. Fri, 17 Sep 2010 19:14:00 GMT http://www.zillow.com/advice-thread/What-do-I-need-to-watch-out-for-in-buying-a-foreclosure/364154/ 2010-09-17T19:14:00Z It is helpful to have a Realtor ... http://www.zillow.com/advice-thread/What-do-I-need-to-watch-out-for-in-buying-a-foreclosure/364154/ It is helpful to have a Realtor who is experienced in the process of purchasing a bank owned property and also an attorney who is experienced with these transactions as well.&nbsp; All of the banks have their own addenda which supersede the contract.&nbsp; You have to read these very carefully because they are different for each institution and they won't all cover the same things.&nbsp; It is much more complicated than your standard home purchase. Sat, 28 Aug 2010 19:30:00 GMT http://www.zillow.com/advice-thread/What-do-I-need-to-watch-out-for-in-buying-a-foreclosure/364154/ 2010-08-28T19:30:00Z All good advice especially ... http://www.zillow.com/advice-thread/What-do-I-need-to-watch-out-for-in-buying-a-foreclosure/364154/ <p>All good advice especially getting the property free and clear. My last borrower purchasing a foreclosure lost the house as the assignment was never recorded and thus the foreclosure is not valid. The lender has to go back and do the whole procedure over again.<br/><br/>le sigh.</p> Sat, 28 Aug 2010 18:33:00 GMT http://www.zillow.com/advice-thread/What-do-I-need-to-watch-out-for-in-buying-a-foreclosure/364154/ 2010-08-28T18:33:00Z