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. 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!
Comments (6)Subscribe to CommentsComment