All Forum Posts by: JC Carter

If I buy a foreclosure with tax and water liens, and pay the liens, are the lien amounts tax deductible? This is for a primary residence. Would it be different if it were an investment property?

@Ron S. - Thanks for your advice. Appreciate it.

Thanks @Ron S. For #3, is there a certain amount that you earmark for repairs generally? I'll know more once I can view the property, just wondering if you use any sort of baseline.

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:

1. - Cash purchase, so any lender issues would be down the line with a HELOC (is this correct)?
   
2. - 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?
3. - Cost of fixing repairs if they aren't done well
4. - 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!