Buying a foreclosed home is a high-risk, high-reward situation, and with 676,535 US properties being foreclosed in 20171, there are more than enough options for the interested buyer. A house is subject to foreclosure when the current owners are unable to pay their mortgage and the bank or investors buy the house back from them. Most foreclosed homes are then bought by investors or private parties with the intent of updating or fixing them, and flipping them back on the market for a higher price than they were purchased for.
Foreclosure proceedings can be complicated, with numerous steps, details and due diligences that can’t be overlooked. Whether you’re a firm entrusted with finding all the relevant property records before proceedings begin, an attorney assisting a client in foreclosing on a Tax Sale Certificate, or a title company trying to secure underwriting on a property, it’s important to find and use the resources that ensure your foreclosure proceedings are conducted in compliance with the law—so, what are those resources? Read on to find out the right searches, certificates, status reports and abstracts to safeguard every party’s investment in a tax sale foreclosure.