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 Foreclosures present a great opportunity to buy a home at bargain price. .

.. .but they are a few things you should watch yourself before buying. The perception is that a foreclosure wipes away any clouds on a title that were there before. 

A foreclosure may have all clouds in the title but sometimes .  it doesn’t clean the slate completely clean. One of the reasons that Bank Owned Properties do not give you the option of closing with your own attorney or Settlement company is because they want to control the closing form A to Z . .and don't expect them raising suspicions that there maybe a cloud in the title to you or your Realtor.

It is important that you have unbias representation here. Your Realtor should try to protect you during this time and…

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Fernando, I want to buy a short sale, what should I consider when buying one?

 

If a home purchase is in your future and I assume you and your Realtor have already went over and secure  the financing. . .in general: There are 3 types of properties for Sale in the Maryland DC area today to buy. ., they are:

   

#1 Short Sales (pre-foreclosures, third party approval needed)

 #2 Foreclosures (Bank owned properties)   #3 Traditional Sales (typical seller and buyer transaction)   The best deals in general are in the foreclosures. If you are my client and saving money is definitely a goal, a foreclosure will give us the best bargains out there. Of course there are pitfalls buying foreclosures. (more on this later) A good Realtor will give all… Read Full Post