If I buy a 5,000 dollar forclosed home is there any loopholes I am forgetting about? Or is it simply cash for keys?

Asked by Matt Hillman, Whitmore Lake, MI Tue Dec 11, 2012

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Annette Law…, Agent, Palm Harbor, FL
Wed Dec 12, 2012
There are a MOUNTAIN of issues that are packed onto the addendum you will most certainly sign. Simply reading every line of the addendum should strike fear into the heart of the innocent. The issues are so far reaching that to respond to a question containing, "..loopholes I am forgetting about..." is virtually impossible. We can not assume to know what you think you know.
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Best to partner with pros (investor, contractor and agent) and attorney to insure you understand the "REAL" price of a $5,000 foreclosed home.
Best of success to you.
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes
Karen Paytas, Agent, Clinton Twp, MI
Wed Dec 12, 2012
Matt,

Good Morning! It would depend on where you're buying the home. Different Cities have required inspections and most foreclosures require the buyer to assume all responsibility for doing the repairs and bringing the home up to current code. As Fred said it would be like purchasing any other real estate. You would want to make sure the Title is clear. There would be the usual closing fees involved. You would be responsible for reimbursing a seller for pre-paid taxes and you would then be responsible for taxes and homeowners insurance from the date of closing forward.

I hope this help,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes
Fred Yancy, Agent, Woodstock, GA
Tue Dec 11, 2012
It's like any other real estate purchase. You will have to pay cash, it will have to have a clean title, there would be a typical closing with an attorney etc. Once you own the home, you will more than likely need to do extensive repairs, such as HVAC, missing plumbing/pipes, updates, paint, ect. Since there is no mortgage, you will need to pay the property insuance and property taxes as they come due. Does that answer your question?
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