We bought our first home from foreclosure ...Now what?

Question

Hello Guys,

I am new here, so sorry for not filled all my profile yet. I need a help for a foreclosure expert.  My wife and I just won an auction for a foreclosure house in Fort Washington, MD and I would like some advice about next steps and help to review contract so we can move forward.

We need to make payment in 48 hours and I want to make sure everything we are sign is ok.

I just have questions like, if the house doesn't have liens that I'll be responsible for or the auction website is not a fraud.

Thank you so much for your time.

Marcio Benedetti · Answer

Hi Erik and Russel,

The website is: https://www.auction.com/, This is a cash transaction with no lien allowed.

I am searching for an agent to represent me, however, I have a few hours to submit Earnest Money deposit.

Russell Brazil · Answer

@Marcio Benedetti What website is it? Is it Hubzu?  Do you you plan on financing the property? If so what type of loan? Do you want a home inspection?

There are just so many variables here. Some of these sites will clear the liens...others will not.  Some of these auctions allow you to buy with financing, others will not.  Even if some will allow it, they will have a short closing time which may de facto eliminate your ability to finance. I really suggest having an agent who can represent you in the transaction.

Erik Gray · Answer

What website did you go through?  Some websites have a title report, seller disclosure, and possibly appraisal already.  It's still up to you to perform due dilligence to know what you're getting into.  Especially the condition of the home and value before and after any repairs.  If you call your favorite title company, they can provide quick property profile to review title as well.