can u trust the goverment ?

i visited the homes for sale website 4 gov homes. here is the thing. they provide an online inspection report, and an as-is appraisel. obviusly i would still want 2 get my own inspection & at the least a BPO…right? also how urgent is it 2 get a title report. From what i hav learned once it becomes an reo all liens r taken care of. someone please correct me if im wrong. thanks ::slight_smile:

Howdy Kimesha:

Get the title report. Most sellers will even pay for it. I have had foreclosure deals where the bank could not get a clear title because of other liens etc. Only liens the the borrower actually borrowed are wiped out in foreclosure. Taxes, and other judicial judgements will attach to the property and will need to be dealt with or released or paid. Also your lender is going to require title insurance to cover their investment.



I just bought a HUD Repo. I would offer you the same advice that I used: Unless you are well versed in all of the aspects of a house (foundation, structure, electrical, plumbing, roof, HVAC, buiding codes, etc., etc., etc.), have the house inspected by a reputable home inspector (preferably certified). I use the same guy for my rentals that I did for my private residence. He inspects for $250 but he’s the best in the region. If nothing else, you go in with full awareness of any existing issues. My inspector has been “at it” for over 25 years and knows just about everyone in the building trades here. He will give a ‘ballpark’ for a repair/correction and will refer to reputable “jobbers” in the area.

As for a title report, I would say “absolutely”. I paid for title insurance. If the property is foreclosed, the ‘junior’ liens are removed but this does not necsessarily protect you against title fraud and any liens that may have been missed.

Just my two cents.

what about the appraisal that they gave should i still get my own

Here in this area, from what I’ve seen, the apparaisals are fair. In fact, the house that I’m looking at now is appraised very low, in my opinion. Comps in the area of the house I’m looking at now are in the $60s and this house appraised in the low $30s. It has no substantial issues – just cosmetics, a fence section to fix, and a couple other things.

If you are not comfortable, get anopther appraisal. I was comfortable with the appraisal, so I did not get another. Once I am done with the fix-ups, I will get another appraisal so as to get a greater amount of money on the re-fi.

you said u just bought a hud home. i read that they pay a high % of the closing cost. is this true? has anyone else had a good or bad experience with hud. O yeah and do they finance even though the house may need some work?

<i read that they pay a high % of the closing cost. is this

They paid all of the closing costs except my share of the actual closing (about $300) and my title insurance policy (about $260).

It was an all-cash deal, though.

As far as financing, they might, depending upon the extent and type of repairs needed. The house I bought, they would not finance.

thanks 4 such a quick response!!