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All Foreclosures are NOT a good buy! Have an agent & attorney on your side that is knowledgeable.

By
Real Estate Broker/Owner with Owner/Broker RE/MAX Elite Realty 261013

All Foreclosures are NOT a good buy! Have an agent & attorney on your side that is knowledgeable.

Think you know what you are doing when your buying foreclosures?  Not all are defective free or not have some hidden problem!  Just a friendly warning of a few things that could happen to you if you don't hire the right people who are knowledgeable and on your side. 

It's a MUST with my clients to have a Home Inspection even if the bank states they are not fixing anything.Foreclosures are not always cheap  This way you will know what needs immediate attention and what can be done at a later date. Just because the MLS sheet says it has a feature doesn't mean it does.  Here in Franklin, NC one foreclosure inspections revealed the home never had a Heat Pump in the home but the MLS sheet said it did.  Now are you willing to have it put in?  Another home had a whole basement wall with step stair cracks and efflorescence all over it.  You know that white stuff that is on the blocks in the basements.  This would have cost thousands of $$ to repair.  It had a home made shelve built to the wall with 2X4s and it looked like it was storing wood up off the ground.  A closer look it was actually bolted to the wall and trying to push it back so it wouldn't fall in and that took a second look to find this problem. 

It's a MUST with my clients that they hire a though closing/title Attorney.  A fellow Realtor here in Franklin, NC had this problem with a foreclosure: MERS has over 4,000 recorded documents at the Macon County Register of Deeds and he lost a closing because Sun Trust Mortgage had recorded an Assignment of Security Deed to MERS and then (2 years later) Sun Trust appointed a substitute trustee and subsequently the property was foreclosed on.

When searching the title just before closing my buyer's attorney found
this and the Notice of Termination that the seller's agent prepared was
because the "seller does not have marketable title for this property."


If you are dealing with a foreclosed property be careful that your buyer's
attorney makes sure that the security deed has not been assigned to someone else.  This cost the buyers a home inspection, a survey and attorney fees.  A few thousand dollars.  NOT A GOOD DEAL HUH?

Want to know more about MERS?  You should read this. It is a little bit lengthy but worth knowing if you sell foreclosures!

I have had many successful closing on foreclosures in Franklin, NC, not all are bad.

Here is a list of Foreclosures in Franklin, NC and surrounding areas!

Posted by

June Tassillo ~ Owner/Broker/SFR Let me help you with the next phase of your life!

  

 

June TassilloRe/Max Elite Realty Franklin, NC  

  ~ June Tassillo ~

    Owner/Broker

RE/MAX Elite Realty

1296 E. Main St. Franklin, NC 28734

Cell: (828) 371-2339

junetassillo@gmail.com

www.JunesRealtor.com

If you are Buying, Selling, Relocating or want a Second Home in the Franklin, NC area and need help from a Professional Real Estate Broker, I would be happy to assist you with the next phase of your life! Visit my Web Site & Be my Guest on our MLS and search for properties in Macon County, NC for free.

Comments (6)

Craig Rutman
Helping people in transition - Cary, NC
Raleigh, Cary, Apex area Realtor

While buying a foreclosure can be a good deal, you're absolutely right here June. Not all of them are good buys. Well articulated June.

Mar 20, 2011 05:58 AM
Diane Casale
Coldwell Banker First, Huntsville, AL - Huntsville, AL
REALTOR®, ABR®, CNAS®, SNP, Selling North Alabama

Great post. You are right about not all foreclosures are a "good buy". I like to go preview the foreclosures before bringing a client to see them. I LOVE foreclosures and see great potential in many. I walked in one that had ALL the wiring pulled out of the walls, the HVAC was missing, all appliances were gone, the tile around the two-sided fireplace gone. It was crazy. For the amount of money asking for the home to what needed to be done to get it livable~just not worth it. They ended up selling it for only $10,000 less than asking price. I only wonder if those people knew what they were getting themselves in to.

Mar 20, 2011 06:40 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

The last foreclosure I represented a buyer for was last spring.  It certainly was not a "deal".  The home inspection revealed many problems.  All I can say is thank God for home inspectors and 203K renovation loans when the buyer still has to have the property/

Mar 20, 2011 08:18 AM
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

June, Great post!  Agreed, just because a listing indicates a foreclosure has a certain amenity, does not always mean it's so. I've seen that often around here. Here in Florida we have title companies do the title searches on these properties, to be sure they are being sold free of liens and encumbrances. Otherwise, it can come back to bite you in the behind.

Mar 20, 2011 12:46 PM
June Tassillo
Owner/Broker RE/MAX Elite Realty - Franklin, NC
Let me help you with the next phase of your life!

Craig ~ In my experience you better do your diligence.

Diane ~ Thanks.  Some of them are good buys.

Chris Ann ~ Absolutely and I didn't have good luck with the 203K loans in our area.  We are too rural for them.

Sandy ~ We have title company's here too but they are used through the attorney and part of their cost.

Mar 21, 2011 04:11 AM
Ellie McIntire
Ellicott City Clarksville Howard County Maryland Real Estate - Ellicott City, MD
Luxury service in Central Maryland

Some of the banks are going in and making the place look pretty, but that does NOT mean that the buyer should forgo a home inspection. Great post.

Mar 21, 2011 04:48 AM