Holly Hannah, Help!
It is my understanding that when you purchase a foreclosure, you buy it 'as is'. My question is this: How do I protect myself from purchasing a foreclosed property that is NOT structurally sound? Is there a way to get an engineer in before hand? Also, can I check with the county clerk to make sure that there is no second mortgage on the foreclosure? I don't want to pick up a nightmare!
In a foreclosure by the 1st mortgage holder all liens behind it are wiped out. As far as getting the house inspected,this will depend on the lender.[ Edited by MichaelChandler on Date 02/17/2004 ]
the way to protect yourself is to not buy it. move on there are plent of other property's. my expirience wit foreclosures is as is means as is.
good luck
I'm not sure it you mean before or atter the sale.
Before, iit's tough if it's occupied. Easier if it's vacant. With those I try to make contact with the owner. I try to buy it from the owner prior to the sale. If they're interested they will let me inspect the house. If they're not intested they will probalbly order me off the property.
After the sale, the lender will let you inspect the property and you can bring all your experts along. The only problem is that many times the utilites have been shut off and that presents some problems with checking some of the systems. You make your offer to rellect that uncertainty.
Thanks for the help!
I bought a foreclosure recently and given a 10 day inspection period for structural damage, mold, heating and air. Just depends on the lender.