More Tips on Foreclosed Property purchases
November 21st, 2007 . by Mike KellyWhen you buy a foreclosed property you had better check with your state to see what type of instrument you have: either a mortgage or trust deed. They differ in the foreclosure process and have different remedies for the foreclosed party. When consumers say a “foreclosed on” property they sometimes mistake a property “taken back” by the bank with a Notice of Default (NOD) filling. Do you know which it is?
Buying a property “off the court steps” is NOT for the faint of heart!! Big bucks can be made AND lost through this buying process–and you are ON YOUR OWN! Most consumer laws in real estate protect a Seller/Buyer in the 1-4 units range but foreclosures are exempt. Don’t expect the bank to tell you anything! No disclosures will be forthcoming and you are on your own! IRS lien pops up and you are ON THE HOOK. Careful-tread lightly.
