Foreclosure Buyers: Get the Documents!

Posted by Jen Dollar on Wednesday, January 19th, 2011 at 1:43pm

financial_facts_548There are quite a few things addendums cover these days in Fannie Mae and Freddie Mac deals. Most importantly, they have to do with the as-is nature of all of the sales. One of those things you should directly understand is how condo and home owner association documents. Most bank addendums place the burden for obtaining documents and financials on you the buyer. You need to locate these documents to make a wise investment. The problem however, is that many management companies will not release the financial information to non-owners or to a title agent. It can definitely create a problem where you can't get something you need until you're starting the closing process.

If you can't find this information, then you're accepting more risk in some cases than the bank themself is. Remember that if an HOA or COA has had a bad string of foreclosures that these can come back to bite current owners when there could for exmple be an assesment to make up fees because their fund can't cover everything.

Protect yourself! Our partner title company, Central Florida Title, can help point you in the right direction on your Central Florida Foreclosures, Or call us today!

Have Questions? Contact RealtyExecutivesFL about Orlando Foreclosures!

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