What should Ibe on the look outfor if I’m purchasing a foreclosed home at Sheriff’s sale?
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What should Ibe on the look outfor if I’m purchasing a foreclosed home at Sheriff’s sale?
I’ve checked for liens, taxes, insurance. Working on financing. Is there anything I may be overlooking? I’ve read some postings on the internet where some states require a survey before recording the deed.
Asked on October 11, 2011 under Real Estate Law, Ohio
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
The biggest problem regarding the purchase at auction of a home that is subject to a foreclosure is its condition. meaning, unless you are able to have a thrid party inspector such as a licensed contractor, pest inspector or a home inspector physically inspect the property subject to the foreclosure as to the property's structural integrity you have absolutely no idea what you are bidding upon.
In many cases people get caught up in a bidding frenzy and end up buying at auction a piece of real property that ends up having major physical problems where had they known the actual condition most likely they would not have made the bid.
If you can view the property before bid with a licensed contractor such would be a good approach.
Good luck.
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