After your financing has been completed the next step is to attend a closing. This is identical to a traditional closing on “regular” real estate. At closing all liens are paid for by seller.
- Back taxes are paid by seller.
- Past due water bills are paid by seller.
- Past due association dues are paid by seller.
- Any outstanding mortgages are paid by seller.
Also, at closing you will receive clear title and a title insurance policy. So, there is no need to worry about liens.
Chase Real Estate recommends the use of a real estate attorney who specializes in foreclosure purchases. We have an approved attorney. She is located in Naperville. Her office has closed 1000’s of foreclosure purchases.