Purchasing Foreclosure Properties at Auctions
The current depressed real estate market creates opportunities for investors to purchase foreclosures properties at a fraction of market values. Unfortunately, the market also creates an opportunity for opportunists to defraud novice investors and homeowners alike. As a prudent investor, you must be conscious about potential lawsuits and liabilities in which you will be forced to defend if the foreclosure was a fraud. This is exceptionally true when lenders, mortgagors, and owners being defrauded and lose their interest and security in the property after an ad valorem tax foreclosure. Even if your purchase is a clean transaction and you own the title of the property free and clear, the cost of litigation and expenses may result in your investment failure. Learn how to protect your investment and how to avoid fraudulent transactions that could potentially force you to defend your title to the property. Our Houston Real Estate Litigation Attorneys can assist you with the following:
- Obtain a preliminary title report;
- Assist you in reviewing and analyzing the title report;
- Explain to you if there are any encumbrances, liens, or liability if you purchase the HOA foreclosure or the ad valorem tax foreclosure;
- Counsel you on the benefits and pit-fall of HOA foreclosures and ad valorem tax foreclosures;
- Counsel you on laws a d regulations regarding these types of foreclosures, including right of redemption by owners and mortgage servicing companies and your investment interests;
- File forcible entry and detainer suits to evict the current tenants; and
Contact the Houston Real Estate Litigation Attorneys and the Southwest Houston Real Estate Litigation Lawyers at Pham & Cloves, PLLC for assistance in researching the property, reviewing preliminary title reports, and to understand the risks and pit-falls of foreclosure property prior to making the investment. Real estate investments are risky. It can make your fortune or ruin it. Whether your investment is profitable largely depends on your prudency prior to making the purchase. Let the experience Houston Real Estate Litigation Law Firm at Pham & Cloves, PLLC assist you in making your real estate investment decision. Contact our Houston Real Estate Lawyers and our Houston Real Estate Litigation Attorneys at 713-492-0337.