Foreclosure Is Bad Business From End To End

: Chris Lee Law Firm

  Filed under: Foreclosure

foreclosureEveryone hates a foreclosure. Sellers, banks and even buyers often find themselves somehow at the end of a raw deal during every phase of a foreclosure. Even after the house is sold, sellers are often left with a load of new work, worries and problems in a foreclosure.

Foreclosed homes come with baggage

Even if a house is properly and legally bought, myriad state and federal laws make the new owner responsible for evicting the previous owners. New owners may have the law on their side once the eviction process is started, but it will require diligence and often adds up to serious legal fees.

Former owners who refuse to leave are often not the most civil. Even if these were once relatively upstanding people before they were foreclosed on, financial hardship will push outstanding citizens to new extremes. You may have to pony up some cash to get former tenants out. Emotions run high in foreclosed homes where tenants have failed to yield to eviction notices.

Banks not responsible for condition of foreclosed upon home

The nightmare reality begins to really take hold once the auction is over. Banks are not required to disclose the condition of a property. You must take it ‘as is.’ You may get a real gem that has been neglected or outright abused by previous tenants because he or she no longer had a vested interest in the property’s maintenance once they stopped paying their mortgage. Some previous tenants are spiteful and will purposely and insidiously damage a property to vent frustrations.

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