When considering getting involved in the business of real estate investment you'll want to consider having assistance from a lawyer with a California real estate law background. There are many things to be considered before signing on the dotted line. The ever changing real estate finance laws are subject to both state and federal regulations, which often makes things more confusing.
Buying a foreclosed home is different than purchasing a home the traditional way. Generally, you have the opportunity to inspect the house and opt out of the purchase if you aren't satisfied with the condition of the home. While purchasing a foreclosed home, there is no period of time of official inspection. Sometimes there is a very limited time in which you get to examine the property, and sometimes it's not possible to view the condition of the home at all. In these instances, you take a chance and purchase the property scars and all. You cannot back out of the purchase, even if there are serious problems with the property.
At times the foreclosed home is still occupied by the former owner. If the former owners do not vacate the property, you will have to begin a lawsuit before obtaining possession the property. If the foreclosed home is occupied by a tenant who is leasing the property, you may have to honor the lease until it expires.
You may need legal help with the pre-foreclosure and post-foreclosure process. A review of the public records may be necessary to determine whether the property is subject to liens after it is sold at foreclosure. You may also want a lawyer to review court filings to determine whether the property may be engaged in any litigation after the sale. If the property is involved in a court case, you may not be able to sell it until the matter is resolved. Afterward, an attorney can take the steps necessary to obtain possession of the property if it is still occupied after the sale.
It is important to protect your investment and yourself by hiring a real estate lawyer as soon as you find a property which best suits your investment interests. It is also important to collect as much information about the property's title, physical condition and current occupants and seek legal representation to make your real estate investment purchase as smooth as possible.