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Buyers Beware – When Buying a Foreclosure. Read This!

Let’s say that you have put an offer on a foreclosure property, and it is accepted by both parties. Before the court date is requested the Seller (usually a Bank) asks you to sign a document called a “Schedule A”.

What is a schedule A?
This is one of the most disgusting documents you will ever see. It says that you are willing to take the house “as is, where is” at the time of the possession (the time you will get the keys). If the house is no longer there, or is damaged, vandalized, burned, flooded, is missing all the appliances…it is YOUR problem!

Why would anyone vandalize the house you bought?
Well, you need to remember that the people living in the house before you get possession are no longer owners – they are tenants living there free with absolutely no obligations to maintain the property. Sometimes these tenants are quite angry that their house has been taken away from them.

Thankfully we live in a part of the world where these things are rare.
But it is a scenario that exists, so you should prepare for it rather than ignore it. Talk to your Realtor about how to avoid problems when buying a foreclosure.

Do you have other questions in regards to foreclosure properties?
Send me an email and I see if I can help.
tbogdan41@hotmail.com

Tibor

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