Home Buying Kit for Dummies by Eric Tyson & Ray Brown

Author:Eric Tyson & Ray Brown
Language: eng
Format: epub
ISBN: 9781119191711
Publisher: Wiley
Published: 2016-02-22T00:00:00+00:00

Financial: Depending on which state the house is located in, a foreclosure can take anywhere from four months to over a year to complete. Suppose that you get what appears to be a good deal from people who are actually selling partway through the foreclosure process to avoid the stigma of foreclosure. What if these people lie about how much they owe on their mortgage and property taxes? What if they don’t tell you about unpaid homeowners association fees, unrecorded mortgages, court judgments, or federal and state tax liens (outstanding tax bills) hanging over the house? One guess who’s liable for debts secured by the property. Lucky you.

Possession: Suppose that after buying a foreclosure at an auction, you visit your new home and discover that the previous owners are still living in it with their last remaining possession — a shotgun. They have no intention of leaving peacefully. Who do you think will have the pleasure of evicting them? Lucky you.

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