Q&A: Is it a bad idea to buy a foreclosed home from the bank?

Q&A: Is it a bad idea to been empty for an extended period, and you need to be extra diligent.

The same can be said for foreclosed homes bought by It is crucial that you thoroughly inspect the condition buy a foreclosed home of the home both with a general inspector and follow up with specialists for any concerns noted in the report. You should also have a land survey done and check from the bank? with the municipality to make sure that there are no code violations or permitting issues. By Gary M. Singer Sun Sentinel Talk to the neighbors to see if they know about any problems with the property. If the seller made repairs, be sure to carefully check Q: We are looking at a home in a great neighborhood them to ensure that they are not just covering up more but are nervous because the house was foreclosed by the extensive issues. bank, who is now selling it. Is this a bad idea? — Jackie If you notice anything that does not make sense A: Foreclosed homes sold by lender’s “REO” or real condition of the home, get an experienced professional estate owned department can be bought at a favorable look into it to make sure that what you are buying suits price, but there can be some downsides. your needs.

to you, whether in the contract, with the city, or the real estate investors on the courthouse steps. Gary M. Singer is a Florida attorney and board-certified as

If you take these potential issues into account, you an expert in real estate law by the Florida Bar. He practices could end up paying an excellent price for your new digs. real estate, business litigation and contract law from his

REO purchase contracts are very one-sided, so be sure office in Sunrise, Fla. He is the chairman of the Real Estate to review the terms carefully. It would help if you also Section of the Broward County Bar Association and is a coconsidered that your seller never lived in the home and host of the weekly radio show Legal News and Review. He might not have even visited it in person. frequently consults on general real estate matters and trends

Combine this with the fact that most people do not in Florida with various companies across the nation. Send spend much time and money taking care of a house they him questions online at www.sunsentinel.com/askpro or are about to lose to foreclosure and that it might have follow him on Twitter @GarySingerLaw. SEPTIC SEPTIC SEPTIC SYSTEMS INSTALLED

2032970