Things you must do before buying a foreclosure:
- Do a title search - make sure that when you purchase a foreclosure that you are the only person who has any ownership claim
- Check for liens - find out if there are any liens against the property because you will be responsible for paying them
- Check for a second mortgage - you don’t want to be surprised by an extra mortgage that you will need to pay
- Know how good of a “bargain” you’re getting - foreclosures are sold “as is” and in many cases you will not be able to do a proper inspection. You may end up paying thousands of dollars repairing the property before it is fit to be lived in.