What should Ibe on the look outfor if I’m purchasing a foreclosed home at Sheriff’s sale?

I’ve checked for liens, taxes, insurance. Working on financing. Is there anything I may be overlooking? I’ve read some postings on the internet where some states require a survey before recording the deed.

Asked on October 11, 2011 under Real Estate Law, Ohio

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

The biggest problem regarding the purchase at auction of a home that is subject to a foreclosure is its condition. meaning, unless you are able to have a thrid party inspector such as a licensed contractor, pest inspector or a home inspector physically inspect the property subject to the foreclosure as to the property's structural integrity you have absolutely no idea what you are bidding upon.

In many cases people get caught up in a bidding frenzy and end up buying at auction a piece of real property that ends up having major physical problems where had they known the actual condition most likely they would not have made the bid.

If you can view the property before bid with a licensed contractor such would be a good approach.

Good luck.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.