Tours Foreclosure
Buying foreclosure property.?
Found a house thats been foreclosed. Took a tour, like the house although its in need of extensive repairs but fully within my budget. Question I have is what to watch out for financially. If I get the house, is my cost simply what the house was listed for or agreed upon my only cost other than closing fees? I was told by one person I could be liable for any other debts agaist the house. Another tells me it comes with a legal, clean, free title. Whos right? Also, do I only pay taxes on it when I take over? No back taxes? I live in Illinois if it makes a diff. Thanx for resposees!
A couple of things to watch out for.
1) If you are using an FHA loan for your purchase you will probably need a 203K loan due to the extensive repairs.
2) Title insurance will cover your title concerns.
3) Negotiate with the seller to cover all of your closing costs.
4) The title search should tell you if there are any back taxes owed and they will be prorated at closing so that the back taxes are paid by the seller and you only pay taxes from the time you take ownership.
Good luck
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