Do You Need A Foreclosure Lawyer Before You Buy?
With numerous foreclosures happening left and right, now is the time for enterprising people to take advantage of the deals afforded by REO Homes. If you or someone you know is looking into purchasing foreclosed homes to live in or for profit, there are certain things you have to consider. Aside from doing your research, you may also need a real estate lawyer to keep your worries at bay. A knowledgeable legal counsel will keep you informed and up-to-date about the legal considerations when buying a foreclosed home.
First and foremost, an in-state lawyer (the state where you are purchasing the home) can tell you about the state’s deed of trust laws and that you follow them. Your agent may not know these laws or be unable to explain them to you. Knowing the terms of the mortgage will keep you informed of what happened with the estate you purchased.
Next, a lawyer can read the fine print and do the legwork to find out if the property has any liens, mortgage or utility on the property. Your lawyer can make sure that the previous owner has no outstanding problems and the equity has been satisfied. In case there are any problems, your lawyer can help you wade through the red tape, bureaucracy and paperwork needed to solve any problems.
Before you sign the mortgage with the lender, your lawyer can let you know about any anti-predatory lending laws in the state to protect buyers. If you feel your lender has given you bad terms or perhaps you are being coerced into taking on more than you can pay. A lawyer can see these red flags, especially if you can’t.
What about taxes? Which ones are you responsible for? With foreclosed properties, you may be unsure or it’s unclear which ones you need to pay and which ones are the owner’s responsibilities. Once they tell you that, a good lawyer can help you file the right tax forms, both state and federal, when the time comes.
Finally, in rare cases, there may be a need to break the sale contract. Even the best of real estate agents may not know about the nuances of breaking the contract, but an experienced lawyer can give you sound advice and help you take the necessary steps. Breaking any contract could mean losing your deposit, (and in some circumstances, this may be better then continuing) but having a lawyer go over the contract with a fine tooth comb can help determine if there’s any loophole you can use.
In most cases, you may not need all the services of a real estate lawyer, but having someone you can call and count will will help you sleep better at night.
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