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Purchasing Foreclosed Property owned by bank

  • Thread starter Thread starter /u/ColorblockWitch
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/u/ColorblockWitch

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I don't know if I am getting lucky or what..but I am going through with a foreclosed property that is owned by the bank. The previous owner did a ton of work on the property, which is why I believe it was foreclosed on. Took on too much of a project on top of an expensive house payment. I got an inspection - foundation is good, a few bone repairs but nothing major, mostly cosmetic.. The bank has put me through the ringer on waiting on documents, agreements, etc. Which is to be expected. It seems like this property is nearly too good to be true, as they are selling it 80k less than the last time it sold 2 years ago. What are some necessary steps I should be taking? I will be getting title insurance, but do I need a real estate lawyer? It seems like a pretty clean foreclosure, the previous owners gave the house back to the bank and evacuated in September. It never went to auction, and was sold directly through the bank. Any advice in advance is super appreciated! Thank you!

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Purchasing Foreclosed Property owned by bank
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