OfflineI am concerned about problems down the road if I purchase a bank-owned or foreclosure property with all of the current problems in the banking system. I know there are a lot of people who have been mistakenly foreclosed on despite the fact that they had proper documentation, etc.. Some of these banks are just plowing ahead and foreclosing.
Has anyone run into these types of issues? Cases are just entering the court systems on behalf of the homeowners. I certainly wouldn't want to be a part of victimizing any homeowner, nor would I want to somehow lose my own investment in any properties I buy. Thoughts? Thanks!
~Kim
"You gain strength, courage and confidence by every experience in which you really stop to look fear in the face. You are able to say to yourself, "I lived through this horror. I can take the next thing that comes along." You must do the thing you think you cannot do." ~Eleanor Roosevelt
To our success!
is going to give any assurance in this banking environment. However, the problems are much smaller than you think as the really bad ones are the ones that make the news. Check to see if your state has a redemption period. Make sure you understand the ins and outs of buying a foreclosure and/or banked owned property. Take action but take smart action.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
Thanks, Bill! Have you bought any foreclosure properties?
~Kim
"You gain strength, courage and confidence by every experience in which you really stop to look fear in the face. You are able to say to yourself, "I lived through this horror. I can take the next thing that comes along." You must do the thing you think you cannot do." ~Eleanor Roosevelt
To our success!
but I bought them a long time ago when they were rare. (Pre -2006) It was a different process then as you could have a relationship with different parties that helped you navigate around the bull****.
I am doing pre-foreclosures, subject-tos and L/O almost exclusively.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
I am definitely leery of them because of the paperwork issues. At this point I think I will just avoid the whole issue and work with distressed properties, fixer-uppers, or pre-foreclosures. I think it's safer.
~Kim
"You gain strength, courage and confidence by every experience in which you really stop to look fear in the face. You are able to say to yourself, "I lived through this horror. I can take the next thing that comes along." You must do the thing you think you cannot do." ~Eleanor Roosevelt
To our success!
I've purchased foreclosure and as long as you have a clean title, then you should be good. All the research in getting to this point will bring to the surface any potential wrong doings in the foreclosure process, this may require the previous home owner to sign a legally drafted document waiving them of any future rights to property....had to do this before prior to proceeding.
Thanks
Luck is when Preparation crosses paths with Opportunity!