Real estate tax liens and homeowner association liens have priority and need to be paid before clear title can be given. Have the title agent issue a title binder showing the conditions under which it will insure your interest in the title. Hire a closing attorney or title company to check the condition of the title to make certain there are no liens remaining after the foreclosure is complete.
Sometimes foreclosures have title problems that have not been cleared up.Successful bidding on foreclosed properties requires discipline and good information. Never get so caught up in a property that you do not make clear decisions. Decide on how much you are willing to pay for the property and stick with that price.If the property needs repair work, have a recommended contractor give a detailed estimate of each job that must be done.Get them to give you a ballpark estimate of the property value. Through their years of familiarity with the property and the neighborhood, appraisers and real estate professionals can supply background on property and neighborhoods. Consult with a professional real estate appraiser.If foreclosure is not complete you may be able to get the information you need about the property either from the owner or the lender.While in the area scout out the neighborhood to make certain the surrounding area suits your needs. Contact the listing broker and ask for an appointment to see it.If foreclosure is complete, the property will be listed with a Realtor, in which case you can have an open line of communication about the property as well as the opportunity to inspect it.Steps as you search for your foreclosure property:
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