Caveat Emptor – Tips For Buying A Lakeland FL Foreclosure
Caveat Emptor is a well known phrase in the real estate profession and means “Buyer Beware”
1. Caveat Emptor – a latin phrase that dictionary.com describes as: “let the buyer beware: the principle that the seller of a product cannot be held responsible for its quality unless it is guaranteed in a warranty.”
Buying a foreclosed property in Lakeland FL or anywhere in the state of Florida is unlike a traditional home purchase. There is no seller’s disclosure, the home is being sold “as is”. The banks are making no repairs, you alone as a Lakeland home buyer are responsible for all the repairs. I have gone in plenty of foreclosed homes where the owner has taken out their anger on the home by punching holes in the walls. I have been in homes where the entire kitchen was removed. In some instances, light fixtures, door knobs and handles where gone even the bath tub. I know that this sounds crazy but it happens!
Some of the hidden items that is not visible to watch out for are issues with some of the more expensive components of a home such as heating, plumbing and electrical systems are all possible. Don’t be surprised if there has been vandalism by the previous home owner or other vandals either.
A thorough home inspection by a licensed inspector is a must. You may even want to have specialists there, for example: Heat & Air Specialist, licensed Electrician, licensed Roofer and a licensed termite inspector there – this will save your time and money.
While I have explained what I believe is the most important step in buying a Lakeland FL Foreclosure in getting a home inspection, the following tips are equally important, of course.
The next two tips should happen simultaneously before you start your house hunting:
2. If you are seeking financing, get a mortgage pre-approval first. Many foreclosed property on the market may require a potential buyer to obtain a mortgage pre-qualification through the lender that owns the Lakeland FL foreclosure. Although you are not required to go through their lender, they simply want to see if you are a qualified buyer.
3. Hire an experienced Real Estate Agent – one on one attention from a buyer’s agent is very important because an experienced buyer’s agent will keen in on your real estate needs during and after the Lakeland FL foreclosure buying process, give you undivided attention you deserve. Most REO agents who list bank-owned or foreclosed homes are inundated with listings they have a hard time keeping up and providing buyers with the one on one attention they need. More importantly, a buyer’s agent should provide you with comparable home sales and also study how long it will take to sell a home in a specific price range.
4. Researching the property’s title chain by an attorney or title company.
5. Making sure the lender (REO) has secured clear title.
6. Knowing the lender has done all due diligence, all paperwork completed to make the property available for sale.
Great Lakeland FL foreclosure deals are happening right now – check it out!
Copyright © 2011 By Petra Norris * Caveat Emptor – Tips For Buying A Lakeland FL Foreclosure*