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are there any "WORDS FROM THE WISE HERE" please help.....

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carl434


Arresto Mayor
I saw two house and lot units being offered by the bank on their website. In my subdivision. If i read it right it didn't seem to be in any trouble. As a matter of fact they only said...

for the first unit.
Problems
Classification Type Remarks
Physical Problem Abandoned
No Known Physical Problem


and for the second unit:



Problems
Classification Type Remarks
Physical Problem No Possession (Vacant)
Legal Problem No Pending Case No pending case. WOP already implemented.
Document Problem No Known Documentary Problem No known documentary problem.








My question is what are the correct question to ask the bank rep.
what are the things i should look out for in this process since ill be paying cash.



is their a person i can hire to tack all this down

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Lunkan


Reclusion Perpetua
Some find me wice, some find me being an idiot haha

I don't know what "WOP" stand for so perhaps I ask something stupid by that Smile

I wonder how come the bank sell such.
So you can ask
-Are they Foreclosed or what?

If Foreclosed
- Have anyone right to use the rule to get it back within a year?
(Such can mess up, but sometimes it's worth it by the price is low.) If they say "No", then I would want that in WRITING in the contract, if deciding to buy it.

Of course check the houses proper, NOT only just through windows Smile Some tennants/owners loot places when they know they will be forced to leave.
Expect you will need to exchange the locks.

NOTE! Some types of DEBTS follow the REAL ESTATE UNDEPENDING of who got the dept. (Sure Property tax and electricity. So I suppouse water and such too.)
So you need to check such BEFORE you agree to anything, because normaly are such adjusted when agreeing about the price. (If the real estate is titled, the property tax is suppoused to be checked by Register of Deeds before they transfer the title, but sometimes haven't that been done, at least earlier.)

Sure there are lawyers who check such, but I believe some LESS risk concerning who is owner, when you buy from a bank. I mean a proper bank. (In OTHER cases there can be a big mess who are owners after inheritances, or transfers without proper documents.)
So unclear if you need any lawyer. But the more money the real estate cost, the more it can be worth to use one.

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carl434


Arresto Mayor
no.... its in a new subdivision, and i know the units are pretty much brand new, and if the taxes are owed ill pay it cause it cant be that much... is there anything i should look out for. and how do i find out what is WOP

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Lunkan


Reclusion Perpetua
carl434 wrote:no.... its in a new subdivision, and i know the units are pretty much brand new, and if the taxes are owed ill pay it cause it cant be that much... is there anything i should look out for. and how do i find out what is WOP
ok.
You can ask the bank
/what's WOP
/and home come the bank have them. (I suppouse Foreclosed. Then the earlier owners can have right to buy them back. If it's Foreclosed, ask when that deadline is. Don't spend any much money at improvements before that time has passed, because the buy back price is STATIC, no extra for your improvements.)

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carl434


Arresto Mayor
thanks ill be sure to ask about that.

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