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Florida Foreclosure Law Article
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A Home Inspection is an absolute must for Home Foreclosure Properties
from:There are many reasons for buying real estate property and one of them is to buy your own home. There are many tax advantages available for buying residential property. The government and most financial lending institutions offer tax benefits, favorable appreciation values, and finance options to homeowners
With the questionable economy today in the United States, it is pretty much a buyers market. This means that the selling price on affordable homes have come down in prices. Many families are facing home foreclosure and are selling often time at well below market value just to get out from under that debt. Like any other investment, the investor must purchase wisely.
When buying from a family facing home foreclosure, chances are the property may not be in the best of condition. Since money is an issue, the family may have also had difficulty keeping up with maintenance and repairs.
You will need to have a home inspection done, often called a pre approval inspection. That way you will know if the building is worth the selling price or if you will have to put out additional monies to bring the home up to building codes and your own esthetic needs.
A building inspector hired for your home foreclosure lead will be looking at such things as electricity and plumbing. An inspector will also look at the structural foundation of the building, checking the landscape, exposure to heat from the sun and rain or strong winds, and the inclination. The inspector will be looking for water damage, leaks and creaks, both on the inside and outside of the house. The inspector will take note of the gutters, downspouts, outside paint or siding, condition of bricks, wood, paneling, and the condition of the roof. Inspections will also be done upon the fuses, heating and cooler systems, fans, air conditioners and vents, as well as the fire alarms and security systems.
If the home foreclosure unit comes with appliances such as refrigerator and stove these appliances should be checked as well. A very important condition to look for is the water pressure. For example, many older homes lack sufficient water pressure to enjoy a pleasant shower. If you are looking for home foreclosure property in colder climates make sure that the water pipes are not only in good condition but are properly insulated as well.
If any problems come up in the inspection, you can use the cost of the repairs to negotiate a lower sale price if you still want to consider this property.
A very important thing to consider is whether or not the family is still living in the home foreclosure before you buy. You want to avoid eviction costs and legalities. There should be a stipulation in the lease that the occupants must vacate the premises as soon as a the property is sold, this becomes even more important if it is more than a single dwelling home foreclosure unit that you are purchasing for yourself and other family members.
Florida Foreclosure Law News
Florida foreclosure case could slam banks
NEW YORK (Reuters) - The Florida Supreme Court is set to hear oral arguments Thursday in a lawsuit that could undo hundreds of thousands of foreclosures and open up banks to severe financial liabilities in the state where they face the bulk of their foreclosure-fraud litigation. The court is deciding whether banks who used fraudulent documents to file foreclosure lawsuits can dismiss the cases ...
Read more...Florida Supreme Court hears landmark foreclosure suit
(Reuters) - The Florida Supreme Court heard arguments on Thursday in a landmark lawsuit that could undo hundreds of thousands of foreclosures and open up banks to severe financial penalties in the state where they face the bulk of their foreclosure-fraud litigation. ...
Read more...Florida foreclosure case could have wide reach
A Florida Supreme Court case could have huge national implications on how courts will handle the robo-signing scandal on foreclosures.
Read more...Florida high court hears arguments in foreclosure "robo-signing" case
Pino’s attorneys found the bank’s law firm handling the case had backdated documents and had them signed by an employee of the firm. Some refer to this process as “robo-signing,” where banks and their law fi
Read more...Florida Supreme Court hears foreclosure appeal
By Brittany Alana Davis, Times/Herald Tallahassee Bureau Thursday, May 10, 2012 TALLAHASSEE — In a case that could impact thousands of homeowners facing foreclosure, Florida's Supreme Court heard arguments Thursday on whether a judge can revive a dropped case when the plaintiff is suspected of fraud. The justices took up Pino vs. The Bank of New York , a Palm Beach County case in which drywall ...
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