Buyer beware: problem foreclosure purchase
LEHIGH ACRES, Fla. – If you’ve ever owned property, you know how it’s supposed to work.
You pay for it, you get the title. And you would think that property’s yours, right? Not so fast.
Four In Your Corner’s Liza Fernandez introduces us to a couple who bought a lot in Lehigh Acres that’s now in legal limbo.
This Lehigh Acres house was supposed to be a dream retirement home for Kathy and Gerry Powers.
“All the paperwork and everything came through, and we basically had the the two half-acre lots and the house,” Kathy tells us by phone.
Snagged at a great price in a 2009 foreclosure, the Indiana couple then decided to sell when their retirement plans changed a few years later. They felt lucky to find a buyer.
“Then we got a call. Their title insurance company discovered an error that the half acre that was supposed to accompany our home did not actually legally belong to us. And it could not be sold,” Kathy explains.