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cockspur/74/77 said...

Is it being managed by the REO department of the bank or by a foreclosure servicer? If its a local bank, no servicer, you stand a better chance. Ten days is a little quick. You want to have a decent period to do your inspections. They're going to want it to be as "as Is" sale if there's a building. Make sure either way you can back out within your inspection period. They'll also want to give you a limited warranty deed, so get title insurance. With any REO property these days hire a good attorney and have the title searched. Foreclosures have lots of problems because the foreclosure law firms just update from the lenders title policy. Many times there's things in the chain of title the original attorney missed or they relied on someone who promised a mortgage satisfaction and never sent it. Those things don't show up in the title insurance policy. Sometimes things happen between the time the title is updated for the foreclosure, but before the lis pendens is filed and they don't get foreclosed off. You've hard about the robo-signings, too. The point is be careful and hire good attorneys. Do your homework and there are good opportunites.