Orlando, FL—Buying a foreclosed home has many perks, but it also carries many risks. The home could have extensive damage or structural issues, or it could be in violation of one or more codes. There could also be other underlying issues that could cost an investor much more than they anticipated on spending. Because there is a long list of risks that are associated with buying a foreclosed home in Florida, it is a good idea for an investor to retain an Orlando real estate lawyer who can ensure they understand exactly what it is they are getting themselves into.
Ways a Real Estate Attorney Can Help an Investor Looking to Buy a Foreclosed Home
If an investor is looking to buy a foreclosed home in the Orlando area, a lawyer will be able to help with the following:
- Conduct research on the title to determine if any liens or other unpaid debts exist. If there are any outstanding debts on the property, a real estate attorney is going to be able to identify these so that an investor can decide whether they want the home with this outstanding debt or if the investment simply isn’t worth it.
- Protect an investor’s interests. Buying a home, especially one that has been foreclosed on is a big step for any individual or investor to take. While real estate agents and other parties can certainly help with the home buying process, they aren’t going to protect an investor’s interests.
- Assist with getting the property properly inspected. If the foreclosed home can be inspected before the purchase is made, a real estate attorney will guide an investor on how to do this. This way, if the home has any structural issues or is in need of repairs, they can be identified prior to an investor buying the home.
Important: Foreclosed homes are generally sold in “as-is” condition, according to Bankrate so it is a good idea for an investor have an inspection performed so they are aware of any issues that might exist as the bank isn’t going to fix them.
- Help an investor obtain title insurance.
Tip: If an investor is considering buying a foreclosed home at a public auction, they may not be able to inspect the property before making their purchase. In addition, they may be required to pay the full price if they are the highest bidder. If an investor is considering buying a foreclosed home at a public auction, they are encouraged to consult with an Orlando, FL real estate attorney before making any decisions.
If an investor wants to be sure the foreclosed home they purchase doesn’t carry any underlying issues or has questions about a foreclosed home they recently purchased, they can contact Legal Counsel P.A. at 407-395-2653. The Orlando, FL real estate attorneys at Legal Counsel P.A. have extensive experience with real estate transactions and would be happy to guide an investor who is looking to purchase a foreclosed home down the right path.
Legal Counsel P.A. is located at:
189 S. Orange Avenue, Ste. 1800
Orlando, FL 32801
Email: [email protected]