Indiana Home Buying Laws Get Tested

It’s a buyer’s market- that is for certain! There are millions of homes available on the market for deflated prices since economic hard times and the mortgage fallout. Yet, it may be a “buyer beware” market as well.

Disputable foreclosure proceedings that have led to improper and illegal home foreclosures are just one of the items for home buyers to be aware of. As a homebuyer, it may not be wise to buy a home that is linked to foreclosure litigation. Also, the existing homeowner may be disputing the foreclosure process.

Since many people formerly received loans in amounts above their payment capability, properties that are up for foreclosure may not have been well maintained. This creates an added risk that there are construction issues, electrical issues, heating and air conditioning issues, as well as, other home related issues that may not be visible to laymen’s eyes. So, it’s wise to secure inspections for every component in the home you plan to purchase and request a contingency offer, meaning that the offer will be null and void should the home fail inspections.

Next, be certain to investigate the background of the home, including previous owners, property line information, easements, etc. Remember there is a current investigation taking place among dissatisfied homeowners who feel they were fraudulently foreclosed upon. One of these homeowners may have owned the home you are interested in. The legal outcome of these dissatisfied homeowners is unknown at this time. It is widely known that some foreclosure processors have contended that they did not review foreclosure proceedings on homes in an appropriate manner. So, there are indications that the legal outcome may be favorable for some dissatisfied homeowners who were foreclosed upon.

Foreclosures may still be an excellent asset for the buyer’s market. Yet, some buyers may prefer to go with new construction to prevent the risk of being caught up in litigation.

If you, your family or a friend have suffered serious illness and need assistance in asserting your legal rights for compensation, contact PADOVE LAW, toll free at (877) 446 5294 for a free consultation.