What do you do if you bought a foreclosed home?
Me and my family had just bought a home that a women wanted to sell to us. We went in and bought it and when we moved in we renovated the house first because it was so old and dirty. A week or so and we were nearing the end of fixing up the house and we were just told that this house was foreclosed and owned by the bank. We had thought that it was ours but it wasn’t. No one had told us about this until now. We had spent over $10,000 in fixing up the house and we did it mostly by ourself. Is there anything legal to do about this? The people who lived in the house before us had not mentioned anything about it. What can we do? Also is there any way to get our money back? This was very sad and my family had already made plans on what they were going to do in the house but now cant because of what happened.
You need to go to the title company that handled your sale, hopefully you bought title insurance.
You need to prove you have a valid deed, the title company should have found the bank lien before you bought anything.
It sounds like you did not actually buy anything though, just moved on in.
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July 15th, 2010 at 1:50 am
define "we bought it"
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July 15th, 2010 at 2:20 am
Let me guess, there wasn’t a Realtor or attorney or title company involved? You purchased directly from the "seller." You have been scammed! If you are able to locate the "seller" you could have her arrested and charged with fraud, but you’ll proably never see your money. Your family has learned a very expensive lesson.
realtor.sailor
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I’m a Realtor
July 15th, 2010 at 3:01 am
If you have any information on the woman that fraudulently "sold" you the house then you can sue them. This is a good example of why it is best to go through a licensed realtor. Out side of that you are simply screwed. There is no way to get any money back without suing that woman.
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I’m a property manager
July 15th, 2010 at 3:24 am
No title company? No lawyer? How did you know she actually owned the house? It seems like you trusted a stranger, tried to save money by not using experts, and are now screwed. Basically, you bought "stolen" property. Can you locate the erstwhile seller? If so, you may be able to take legal action against her but don’t try to do it yourself. You need experts for this kind of thing.
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July 15th, 2010 at 3:32 am
You need to go to the title company that handled your sale, hopefully you bought title insurance.
You need to prove you have a valid deed, the title company should have found the bank lien before you bought anything.
It sounds like you did not actually buy anything though, just moved on in.
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July 15th, 2010 at 4:00 am
yea, defind bought it.
Based on this post, it appears you paid cash, didn’t have a title search done and didn’t use a lawyer??
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