[quote=gn][quote=SD Realtor]From a prgmatic standpoint there is little difference from buying one of these homes verses buying any other foreclosure. Do your diligence, make sure title is clear, do not expect any disclosure information, and be wary but you can do okay. [/quote]
SD Realtor, thanks for replying. I have a few questions:
– You said “make sure the title is clear”. Lenders are required to “clean up” the title before selling the property, right ?
– You said “Do your diligence”. I think hiring a professional to inspect the property is a must. Let’s say there’s a property from the list that I’m interested in buying, but it cannot be viewed or inspected. Then, should I steer clear of it ?
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Personally I would steer clear of those cases. In fact I would much rather buy a house that is competing with REOs rather than buy a REO that limits my ability to inspect or has non-refundable cash on the line.
As we get to the latter stages of this decline there will be plenty of examples of this, as there was in the mid 90’s.
When you buy from a seller who is competing against REO’s to sell his house, you might get more concessions, ability to inspect and good response to repairs or credit for items discovered during the inspection period.
