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You have saved up a sizable down payment and gotten your credit as clean as possible in hopes of buying a house. You have heard that you can maximize the amount of house you can buy by looking at foreclosed houses. Banks still have a lot of houses on their books from foreclosure. Some houses that were worth $200,000 or $300,000 are now selling more like $100,000 and $200,000, or less. The kind of deal you can get on a foreclosed house makes you want to act fast, but slow down. Consulting with Daytona Beach lawyers could save you a lot of headaches on a foreclosed house in East Central Florida. Buying a foreclosed house can be like walked across a mine field and you never know where the land mines are buried. Daytona Beach lawyers can’t always defuse the land mine, but they often can help you keep from stepping on it. Here are some of the basics that Daytona Beach lawyers look at with foreclosed houses. How well has the bank taken care of the house? For some foreclosed houses, the bank is trying to get as good a price as possible and will make all the needed repairs. On some, especially lower-priced houses and ones that are just too far gone, the bank will do little. You need to get a building inspector to tell you which house you are getting. The inspector also can help you determine the cost of the repairs that will be needed. How well has the bank cleared the title? Often the bank is the primary in a foreclosure, which is why they get the house. But the bank may not have been diligent in making sure all claims have been resolved. Daytona Beach lawyers can help you determine if there are any claims and what you need to do. Is there anything else that the bank is not divulging about the house? While the seller of a house is required to provide some history of a house, usually it just has to do with claims against the title. The bank may not tell you that the house was foreclosed on after a bloody crime was committed there. If you’re afraid of bad mojo, you probably wouldn’t be happy to find out later why your house gives you a bad vibe. Consulting with Daytona Beach lawyers in any home purchase is a good idea, but with buying foreclosed properties it is especially wise. The headache you prevent will be your own. The Daytona Beach lawyers of Florida-based Rice & Rose can consult with you about real estate law and many other areas of civil and criminal law.
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