What are the procedures on foreclosed homes?

Question

I’m looking into buying foreclosed homes however, I don’t know much about how that works. Can someone help me? Thank you

Mike Mullins · Answer

Brandon Turner has a very good video on youtube explaining this foreclosures.

Richard Weinberg · Answer

@Kiara Crespo

I can give you the shortest answer and tell you that David’s advice to go through an attorney before you finalize the sale of a foreclosure is 100% correct. I can also tell you why because most of the homes in my portfolio were in fact bought out of foreclosure they may not of been labeled Foreclosure they may have been from Auction.com they may have been from Xome they may have been from home path but they were a for closure of one type or another. And what you learned in foreclosure is you need to make sure the for closure is complete and all of the other liens liabilities and obligations from thePrevious owner and/or financial institutions are completely discharged and that you’re able to get clear title of some type. You are already buying a property in as is condition out of foreclosure and sometimes that means neglected and sometimes that means very neglected but the last thing you want to worry about is hearing there is some open lien or liability or claim against the property and that’s what the attorney needs to do for you. That’s why the advice you got from David is completely correct just make sure you are closing only with an attorney and only with your attorney not somebody else’s somebody with the responsibility to protect you. Good luck!

David Wright · Answer

@ Kiara Crespo - I am going to give you the safe answer; consult a Real Estate Attorney in the market you want to invest in.  There are so many opinions (right and wrong) when it comes to foreclosures. Protect yourself and consult a good real estate attorney even if it cost you a little.  I wish you the best.

Kiara Crespo · Answer

@Richard Weinberg thank you so much for your advice!!

Kiara Crespo · Answer

@David Wright thank you so much!

What are the procedures on foreclosed homes?

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