Home Buying in 33015>Question Details

Melissa, Home Buyer in 33015

We purchased a home and did not know it was in foreclosure until the closing . Shouldnt my real estate agent have know ? I feel like Ive been sort of

Asked by Melissa, 33015 Thu Apr 15, 2010

robbed . Also we have 240 volts of electricity in some plugs and plugs that dont work , is this something I can consult an attourney about ? We only signed the forclosure paper because our 1 st home closed 3 hrs prior and I felt pressured .

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Melissa. If by foreclosure you mean, a recorded lien or other public record document, then definitely the seller knew, the agent should have known, and the title company had to have known. There is no way around this. When you say you signed a "foreclosure paper", what was this document exactly?, because a lot would depend on this. Now I hope the lender was paid off at closing and you received clear title. This, in my opinion, should be your most important question to the title agent. If somehow you bought the property "subject to" the existing mortgage, and the lender did not get paid off, this is a huge deal and I would definitely consult a real estate litigation attorney asap. The 240 Volts, and other physical considerations are separate from title and should have been addressed during the inspection period. Did your agent inform you that there is usually a contract period during which you can inspect a property, and possibly cancel the deal if it doesn't meet your expectations? Did you order an inspection? Best of luck!
0 votes Thank Flag Link Sun May 5, 2013
Sounds to me like your title company will be on the hook to make things right by you. They gave you an insurance policy to cover anything going awry with the title, and I would say foreclosure is such an issue. Would love to hear how this one ends...
0 votes Thank Flag Link Sun Nov 4, 2012
For Lords sake---nothing about the property came up in the TITLE WORK??? If it had an NOD filed, all should/would have known. There is MUCH more to be known about this before anyone can answer at all. Go to a real estate lawyer---not real estate brokers.
0 votes Thank Flag Link Sun Nov 4, 2012
You should have been informed of anything that materially effects the value of the property. Generally a seller disclosure takes care of all of the need to know items, but foreclosure is not a topic on any form I have seen. Before closing you should have performed an inspection that would have pointed out any issues as the plugs you described. It is not necessarily apparent that a home is in foreclosure, and unless you are doing a short sale it need not be disclosed from the listing agent to my knowledge if the listing agent even knew. I am not an attorney and can't give legal advice, but I would guess you will have little claim to any damages should you file a suite.
0 votes Thank Flag Link Thu Apr 15, 2010
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