What is the catch to buying a foreclosed home? Are the foreclosure lists legit?
Written on December 1, 2009
I am interested in buying a home. I have heard that foreclosed homes are sometimes sold below their market value. I have seen lists of foreclosed homes available on the internet. There is usually a fee just to see the list. I have also heard that a buyer is expected to pay all past due taxes on the property up front. What’s the real deal, and is it worth the hassle?
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Filed in: Foreclosure News.
As “bostonian” says, the catch is the fee you pay for the list. You can get the same lists for free if you know where to look.
NOT true about the taxes. When the homes are sold, any money that is owed for taxes, or towards the unpaid mortgages is taken from the purchas price of the home. If there is STILL an unpaid balance on the debt, the original owner is still liable for it.
The new owner only assumes the financial responsibility ANY new owner of the property would assume.