November 22nd came and we were finally able to close on the foreclosed property. I wasn’t a happy camper on that day due to the fact I had to drive all the way to
Most real estate closings involve sitting with a closing attorney and signing all the documents required by the lender, the attorney and anyone else involved in the transaction as well as any legal documents. Most of the closing package requiring signatures is for the lender. Those documents include the mortgage and the note. Both of which are tied to borrowing the money. Most of the other documents are disclosures. Disclosures stating that you are purchasing the home and are aware of any risks with the purchase of the home and that you will not hold anyone responsible for any issues from the transaction. These disclosures will cover the lender, the Federal Government, the Veteran’s Administration, the closing attorney and a host of others that may have provided services during the transaction. When the property is purchased with cash, the closing is signing disclosures and with a foreclosure it is saying you are purchasing the home where is as is with no repairs.
The closing on this house was short and sweet. Think I put the attorney on edge as I told them I have been through enough of these just give me the paperwork and I will sign it. I know that I am signing away all rights to sue anyone over anything and I am purchasing the property as is where is. The attorney blinked and then said I was right. After the signing of the package, the attorney then started to ask me questions about the property and the investment portion of what I was doing. Never know, maybe she will decide to purchase a foreclosure in the future as an investment.
Please be sure and follow the remaining series about getting the house ready to move into and the repairs and surprises! It was a good experience though and are looking for our next project.
Buying a Foreclosed Home in