Are there other minor or major issues the buyer has to deal with in buying foreclosed property?
Yes, such as property occupied by the former owner which is still contesting the foreclosure process in court. The buyer could talk to the owner and reach out an agreement that will be beneficial to both and to save on a lot of costs imposed by the bank. A number of times the properties are occupied by illegal occupants or squatters. Tax declaration is also one aspect which may delay consolidation of documents or transfer of the properties under the bank name. Right of way is also one issue which the buyer will have to rectify himself.
