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Buying Foreclosed Homes: Deal or No Deal?

By Jennifer V-E Johnson

Real Estate Broker/Owner with Jennifer V-E Johnson, Reston Expert #022508324, #IB98379689

July 22, 2009 03:37 AM

Are you considering buying a Foreclosed home - do you know the risks involved? Normally when purchasing a foreclosure or REO (real estate owned) - also known as bank owned, the sale is AS/IS. If there are any known or possible problems it is the responsibility of the new owner. So - Caveat Emptor - "Let the Buyer Beware."

This article by HouseMaster® highlights possible risks involved with buying a foreclosure, short sale or REO (real estate owned) - also known as bank owned.

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Starlena "Star" Meeks

Exit Team Realty - Coral Springs, FL

GRI, ABR, CDPE

Oh so true Jennifer. I came to realize that one of the biggest areas of concern is the deed. A foreclosure can only receive a limited or special warrenty deed. Never a Full Warrenty Deed. Buyers should always have an attorney when purchasing a foreclosure.

Aug 20, 2009 08:13 AM

Jennifer V-E Johnson

Jennifer V-E Johnson, Reston Expert - Reston, VA

Reston Expert (202) 239-5116

Thanks for your comment.

Aug 26, 2009 04:50 AM

Buying Foreclosed Homes: Deal or No Deal?

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Jennifer V-E Johnson

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