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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