Brought to you by Jason Sandquist

Buyers Due Diligence when buying a bank owned foreclosure

Do your due diligence when making an offer on a bank owned property. Everything should be taken care of by your agent, bank and title company. Sometimes you never know, somethings might fall through the cracks.

Here are a few things to check on

  • Get a property inspection, enough said.
  • Make sure to follow up with the city on Truth In Housing requirements. Some cities don’t have Truth In Housing.
  • Contact the city for current tax and assessment information.
  • Make sure no squatters or renters are occupying the property. (It happens, I’ve heard stories)
  • Is there a well or septic tank on the property? Verify with county or city regarding requirements.
  • Check with the homeowners’ association, if there is one, to see if there are any delinquent dues, transfer fees and any assessments.
  • Call the city and county to find out about any assessments for unpaid utilities, sewer and water bills.

If you enjoyed this post, make sure you subscribe to my RSS feed!

November 3, 2008 | Filed Under Bank Owned Real Estate, Buying REO Real Estate, Foreclosure, REO, REO Inspections, Twin Cities REO Real Estate | Leave a Comment 

  • Online Community

    Comments are encouraged! Share with us your ideas or opinions revolving around REO properties and foreclosures.

  • Ask A Question

    If you have a question, feel like you can ask a question without being inundated with spam emails or drip campaigns. We hate spam more than you.

Fair Housing & Equal Opportunity