OfflineHi I am new to buying property. I just found a foreclosure property 3 bed and 4 bath for about $5220. It says it has 1338 square foot property and has 3 bedroom(s) and 4 bath(s). The estimated loan balance is $5220. I am very interested in this property. But I need a opinion, is it a scam? Are there usually other fees not mentioned in ads that get mentioned at the last moment that can be missed or not describe? Have you heard of unexperienced buyers going through this? Or do I only need to pay $5220?
Thank you
Chipmunks
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Find yourself a Real Estate agent and lock this deal up quickly.
Just make sure you you leave yourself exit clauses in the contract.Such as inspection clauses.
It sounds to good to be true but if it's for real others will be on it before your pen hits the paper.
You will have other expenses like closing cost but they shouldn't be to bad.
Just do your home work because they could have other liens on the property or major unknown repairs.
Hire an agent to do some investigation and if the seller doesn't want to pay an agents fee offer to pay it because it won't be much more than a few hundred.
Then a title company have them search for liens or any strange easements that may be attached with property.
Then hire a lawyer to make sure you are protected with the contract.
But lock this thing up as soon as you can but make sure you have your escape clause.
I wanted to thank you for your advice. I think I am going to need
to do my homework on home buying. I did have a couple questions
for you. Do title companies charge fees for finding liens on a
home you would want to buy? What is a inspection clause? Can
you give some examples of escape clauses in a contract? I
wouldn't know what exit clauses to look for. I really appreciate
your time and effort in regards to your responses. Thank you.
times, lol, well i guess here goes 1001. These are the 3 clauses that i include in EVERY offer/contract:
1) "THE PURCHASE IS CONTINGENT UPON THE BUYER OBTAINING FINANCING SUITABLE TO THE BUYER" This allows me as the buyer to be RELIEVED of the contract even if some form of financing IS AVAILABLE.(nobody wants to pay 12% financing)
2) "OFFER IS CONTINGENT UPON SUITABLE HOME INSPECTION" This allows for me as the buyer to personally conduct the home inspection or hire a professional to do the inspection.
3) "THE ABILITY TO RE-ASSIGN" There's 2 ways to do this: 1) Add an ADDENDUM attached to the contract. 2) sign the contract as john doe AND/OR ASSIGNS.
YOUR HERO, SULLY
Thank you for your advice. I am learning more and more about home buying. I will continue on my quest. I do have a question for you though. How do you sign a contract as a John or Jane Doe other than your real name? How does that work? What are you doing when you are reassigning a contract exactly? Can you give me some situation examples? Thank you for your time.
lol, i was just using jane or john doe as an example, sorry, maybe i should have stated that, you would sign your name where it says "buyer field" with AND/OR ASSIGNS, when you RE-ASSIGN a contract, essentially you are selling the investor your "RIGHTS" to the property.
YOUR HERO, SULLY
Can anyone tell me the foreclosure schedual here in the state of Fla? i.e. if missed 3rd mtg pyment, does procedure start then or on 4th. And what paperword is started. Its good to know this info and I am anewbie! Thanx folks
BobbyLee