I have seen so many people lose money because they did not seek professional help when purchasing foreclosures. Consulting real estate brokers and attorneys are very important when it comes to working with bank owned property. Addendums, conveying title, inspection periods, earnest money, deed restrictions and types of insurance coverage are just a few of the critical issues that you will face as you venture into buying foreclosures. Build a team of knowledgeable professionals that can help you and make sure that they represent YOU... not the bank!!!
Reginold E Jones
of
@
Nov 20, 2008 16:39:09 PM
Foreclosed Property
The buyer should determine if there is a statuatory right of the previous owner to reclaim the property with guidelines as to how this can be done.
Respectfully,
James Webb
James Webb
of AL
@
Nov 08, 2008 14:00:32 PM
Foreclosure Laws site
I have been a memeber of this site forever. They are the best. here is a link to there Foreclosure law page. http://www.foreclosures.com/pages/state_laws.asp
Ps. Alexis Mcgee is a great investor also and that website always has great information on it. Read her blog to.
Dr. Watson
Dr. Watson
of CA
@
Nov 06, 2008 19:33:13 PM
Where can I find current State Laws information
Great article, valuable information. Where can I find current state law information though? I'm worried about how I can work a deal now without getting sued.
Biff Crandall
of CA
@
Nov 06, 2008 18:22:53 PM
Foreclosures are sad situations. They often involve mad people---including the intermediaries. BEWARE.
of
@
Nov 06, 2008 14:54:31 PM
Nice post
Great post, Luke! I'd actually say that you could write an entire post on all of these points, but IMO, #2 trumps them all. Most of the people who I see with problems with foreclosures that they bought were ignorant of the law and processes. The most common mistake I see regarding this is people who buy at auction without realizing that unlike REOs, those properties bought carry notes that must be paid off.
Joshua Dorkin @ BiggerPockets.com
of CO
@
Nov 06, 2008 12:45:54 PM
Reginold E Jones of @ Nov 20, 2008 16:39:09 PM
James Webb of AL @ Nov 08, 2008 14:00:32 PM
Dr. Watson of CA @ Nov 06, 2008 19:33:13 PM
Biff Crandall of CA @ Nov 06, 2008 18:22:53 PM
of @ Nov 06, 2008 14:54:31 PM
Joshua Dorkin @ BiggerPockets.com of CO @ Nov 06, 2008 12:45:54 PM
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