Foreclosures
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 4 years ago,
Foreclosure auction - unpermitted work
New to foreclosures. I've been researching a property for an upcoming foreclosure sale and found that it has several open permits and a zoning violation where some unpermitted work was done.
I'm trying to ballpark the costs for potential issues with the unpermitted work:
- - Cash purchase, so any lender issues would be down the line with a HELOC (is this correct)?
- - Insurance issue in the event of a problem with the property (i.e., fire); would there be an issue with getting insurance for the property after purchasing it--whether it's insurance for a foreclosed property or a general homeowner's policy?
- - Cost of fixing repairs if they aren't done well
- - Potential liens from contractors that may not have been paid (no contractors on file for the open permits, so I can't contact them)
What else should I consider about unpermitted work before making a foreclosure purchase (courthouse steps, not REO)?
Thanks!