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What kinds of problems could there be when buying a foreclosed home?
Wiki User
∙ 15y ago
The primary problem with buying a foreclosed property today is defective foreclosure procedures. Many problems have been found with recent foreclosures that are serious enough to render the foreclosures defective. If the title is not examined by a professional title examiner who works closely with a KNOWLEDGABLE attorney the problems are not recognized and get passed on to successive buyers. When the defective foreclosure is found the remedy is time consuming and expensive. Often the company or law firm that did the initial foreclosure is in another state and hard to reach. Those foreclosure firms are notorious for allowing low paid, non-legal-professional employees to carry out the foreclosures. They make mistakes regularly. Other problems are liens, tax takings and unpaid municipal fees that were not reported and cleared during the foreclosure proceeding. Not giving proper notice to the federal government if there are government liens can result in it having a one year period following the foreclosure during which it can rescind the foreclosure and take the property. The homeowners who couldn't afford their mortgage payments also didn't spend any money on home repairs and maintenance. Many were first time home buyers who know nothing about home maintenance. Therefore, an extremely thorough inspection should be made to disclose expensive repairs that may be required to fix old problems that escalated. Another problem is the abundance of homes that were "rehabilitated" by non-professionals and then sold to inexperienced, unsuspecting buyers. They did non-professional electrical work and Plumbing with no regard for building codes or professional codes of practice: another reason to get the best inspection possible prior to the closing.
Wiki User
∙ 15y ago
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