Buying a House in Foreclosure

My daughter is thinking about buying a house in foreclosure in New Mexico. Does anyone have ideas about what she needs to think about or do before making an offer?


By mlgwost from St Paul, MN

September 19, 20090 found this helpful

I think I would consult with a attorney that specalizies in foreclosures. One thing to be aware of is foreclosed homes usually have back taxes that are owed. So if your daughter closes on a foreclosure house there may be alot of back taxes that have to be paid when she takes ownership.

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September 19, 20090 found this helpful

foxrun41 - in most states that is not the case. A lien would be filed on a property and the owner, in this case the bank, is responsible for taxes or other monies owed on the property. In Colorado you can't sell a house without a clear title and if there's some "surprise" you are covered by title insurance.

More on title insurance (though brief) here: ... nce/title-insurance-underwriter.html

As for a foreclosed home. Some of the problems might be: hidden structural damage, plumbing, electrical, etc...those things are usually disclosed buy the seller and the seller's agent but in a foreclosure the owner (bank) may not know these things.

There are some good articles out there if you google "buying a foreclosed home". This was the second link and since it's from CNN and This Old House, should be good for basic information: ... 24/toh.buying.foreclosure/index.html

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September 21, 20090 found this helpful

Talk with a Real Estate Agent. They will know how to guide you. Also usually a Foreclosure is usually sold as is. However, I do think you are allowed to get an inspection. It may depend on the state you live in. Good Luck!

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