I’m Buying/Selling a Home in Foreclosure. What Do I Need to Know?

May 1, 2017

Purchasing a home in foreclosure often appears to be a good value, but you should consider factors outside of the price so you will know what to expect with a foreclosure listing.

• The purchase of a foreclosure often is a “cash only” sale.
• Can you view the actual condition of the home inside and out before placing a bid? The home may be in need of extensive repairs which can drive up the actual cost of the home.
• Are there liens for taxes or mechanics liens that the winning bidder will be responsible for?
• Is there a redemption period for the previous owners? If so, how long do they have the ability to buy the house back before you can move in?

Zdenek Law Firm, PA represents several investor clients that are always looking for a “good deal”. While foreclosures often provide that benefit, the foreclosure landscape is filled with potential pitfalls that can severely affect the “deal” you are getting. If you are an investor or would like to become one, please contact us so that we can consult you on the process. Jeff Zdenek has bought/sold/flipped several foreclosures in his 20 years of practice, and has counseled countless individuals on the process, from beginning to end. He is well suited to guide you through the process when you are ready, from the formation of your LLC to your bid on the proverbial “courthouse steps”.