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Success F inan ce
As the real estate market appears to be coming back, many law
firms have had a lot of former customers express concerns when
purchasing foreclosed or distressed properties. Here’s why.
Column by The Law Offices of Adorno - Cunill & Damas
When banks sell their properties as Fannie Mae Bank-owned properties or
“REO” properties, the contract usually comes with a lengthy addendum. A
close read often reveals that the purchaser is taking the property “as is.”
This can be problematic. Many foreclosed homes have been in disrepair
or abandoned, and have not been kept up. Due to those issues, there are
often violations or fines against the property. If the purchaser executed an
addendum that makes them responsible to address these issues, this can cost
a buyer thousands of dollars in fees. Buyers of distressed properties often
fail to realize that there may be other mortgages on a property besides the
one that’s being foreclosed on. Many buyers have purchased condominium
association judgments and then find out that there are mortgages still
attached to the property. This means the buyer must pay off the mortgages
before the property is considered free and clear. If you have questions or
concerns about purchasing a distressed or foreclosed property, it’s best to
consult with an attorney who focuses in that area of law.
ABOUT THE AUTHORS
The team at The Law Office of Adorno-Cunill &
Damas, PL is always available for more information
on this topic as well as several other areas of law.
To schedule a free consultation, call 305.381.9999.
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