Resolve any liens.
“Many localities have property maintenance restrictions,” Herb explains. “If a bank owns a property, it will normally keep a grass cutting schedule,” he explains, “but if it fails to do so, the municipality can place a lien on the property if it needs to step in and maintain the lawn itself.” “Another lien may have been filed on the property by unpaid contractors, utilities, homeowners associations, and the like,” Johnson adds. Before closing on a property, you must ensure that all liens have been thoroughly examined and rectified by you and a title officer before the title can be transmitted from the prior owner to you.
Re-key all the locks.
“A lot of residences use a master key system,” Johson explains. “The implies a slew of brokers, contractors, appraisers, and others could have access to that key.” If you buy a foreclosed home, she recommends safeguarding yourself and your possessions by installing new locks and keys throughout before you move in.