renovation

my daughter looking into buying a forclosed home. anyone bought one of these from a bank or personal know of a person who has. what types of problems has there been in getting ownership of one of these foreclosed on propertys. im sure it verys state to state and she is in the tampa florida area. we exspect to have to make repairs on the property. thanks in advance for your imput.

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Chgoman

Just make sure you have a good realtor who can watch out for you. Buying a foreclosure in most areas is much like buying a home from a regular seller except you have to go into it knowing that the bank won't likely do any repairs (but don't let that detour you from doing an inspection and asking for the price to be lowered a bit if you find anything significant), and most banks will have an addendum to the contract that you want to read carefully. There are generally provisions limiting some of your regular right and penalty fees if you don't close escrow on time. These scare a lot of people, but as long as you and/or your realtor pay attention and do everything in a timely manner you can often get a great deal.

a-10tankkiller

Have a thorough title search done! Verify any and all liens. Some contractor may have an open lien that isn't disclosed and your daughter will be on the hook for the bill come collection time and possible foreclosure proceedings. I hate to say it, but it's probably worth getting a lawyer involved to double check the details. It's a cost that could save you big in the long run, and realistically a small cost for piece of mind, escpecially if she is getting a great deal to start.

renovation

thanks guys for the imput - reno