There are several steps to purchasing foreclosed properties. This checklist guide will help you navigate the process while avoiding the pitfalls that can be associated with this type of home purchase.
- Check the recent sales comparables in your targeted area to determine fair market price for the property you are interested in purchasing.
- Do a property search to obtain the property folio number, legal description, sales history, assessed value and tax payment history.
- Search the Clerk of Courts site to determine if the property is Real Estate Owned (REO) via foreclosure.
- Check to see if a Certificate of Use has been issued for the property.
- Determine if there are outstanding permits or code violations on the property.
- Search for outstanding liens recorded against the property.
- Check to see if the property taxes are in paid status.
- Estimate the property taxes you would pay if you should purchase the property.
- Check with the Value Adjustment Board (VAB) to see if there are any peding VAB petitions filed for the property.
- If the purchase history for the property indicates possible mortgage fraud, report the matter to the Mortgage Fraud Task Force.
- Will the propety you are purchasing be your principle resident or an investment property? The type of loan you can qualify for will be determined by its intended use. Principal homebuyers will qualify for some programs while investors and developers may qualify for others.
- Research the federal tax implications of foreclosure and how affects you and the purchase of your property.
- If the home you are interested requires repairs and / or renovations check with the Building Department to research the process for obtaining the necessary permits.
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