What does buying a foreclosed property "free and clear" mean?

Asked by Moneyhungri, Fort Lauderdale, FL Fri Mar 8, 2013

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Marsha Umans…, Agent, Tamarac, FL
Fri Mar 8, 2013
"Free and clear" means free of any debt, liens and encumberances. If you buy at a foreclosure auction you may inherit liens that are attached to the property, so it will not be "free and clear". A proper foreclosure procedure by the bank is supposed to wipe out all liens attached to the property so it can become "free and clear".
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marc jablon,…, Agent, Boca Raton, FL
Sat Mar 9, 2013
In order to make sure your foreclosed home in Fort Lauderdale is free and clear, you may want to hire a title company to perform a search for liens and encumbrances. Foreclosures are well known for having tax liens attached to them, or mechanic's liens from contractors, or even permits for work that was performed but that were never closed out.

If you don't check on these items beforehand, you may find yourself with a seemingly great deal that is full of unplesant economic suprises that will bite you in the wallet.

Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
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Meir Aloni, Agent, Plantation, FL
Fri Mar 8, 2013
Free & Clear means there are no mortgages in place
Technically, all foreclosures are since the lender takes over the property...

With enthusiasm,

Meir Aloni & Team

CRS (Certified Residential Specialist)

CDPE (Certified Distressed Property Expert)

RECS (Real Estate Cyberspace Society)

Successfully selling Broward County since 1986!

Direct phone# 954-338-5220 http://www.WeSellBroward.com
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Lew Naylor, Agent, Fort Lauderdale, FL
Fri Mar 8, 2013
See info in attached link - let me know if you have any particular area that you are interested in.

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