What extra will I need to pay?
I am looking at bidding on an REO at our county clerks office in a few weeks. I haven't not been able to find an asking price for the home. Do banks set reserves? Also, if there is an HOA lein again the property will I be responsible for that? Are their any 'closing costs' involved or will my bid all that I will need to spend to receive the house?
How long until I am able to take possession?
I am very new at this, but excited to learn more information. Thanks for you help!
Torrie,
When you bid on a property at the courthouse you take on ALL the liens on the property. HOA, Taxes, unpaid utilities etc...
Are you looking for a home to live in or at an investment property?
Feel free to contact me and I'll be happy to assist you.
Naima
214-289-8555
naima@sumner-realty.com
Torrie,
You are getting way ahead of yourself. You need to get the advice of a good realtor or a real estate attorney. You are going to be entering a very risky proposition and could be getting yourself into something that is neither fun nor easy.
I'm curious, where did you get the idea to bid on a foreclosure?
Cameron Piper
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Fair Housing and Equal Opportunity