Should I invest in foreclosed homes?
Robbie L. Vaughn, Long Island Attorney and Real Estate Broker
I say, if you're really passionate about investing in foreclosures, do your due diligence and go for it.
Get yourself a good team:
1. A Mentor (if possible)
2. Real estate agent
3. Real estate attorney
4. General contractor
To name a few.
Research, research, research:
1. Your target area(s).
2. Short sales
3. Foreclosure auctions
4. Reo/bank owned properties
All the best.
Robbie L. Vaughn, Esq. (Robbie Vaughn)
http://www.Rlvaughnlaw.com
http://www.Bayviewestatesrealty.com
Long Island Real Estate & Bankruptcy Attorney
Long Island Real Estate Broker
Disclaimer:
No Attorney-Client, or Broker-Client relationship is formed until we have a signed agreement. This is not legal advice. Please verify any and all information provided to you.
A lot depends on what's in your contract of sale. Generally, if there is an "inspection contingency" clause in your contract, and you have adhered to that clause, you may be able to cancel the contract and get your down payment back. This should also allow you to cancel the loan application.
All the best, Robbie L. Vaughn, Esq. (Robbie Vaughn)
Disclaimer: No Attorney-Client or Broker-Client relationship is formed until we have a signed agreement. This is not intended as legal advice. Please verify any and all information provided to you.