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Personal Finances / Buying or Selling a Home
|Subject: Buying an REO||Date: 5/19/2013 6:47 AM|
|Author: inparadise||Number: 125354 of 126850|
This may not be the best board for this post, but a change in threads would be good.
I am looking at possibly buying an REO, cash deal. no contingencies other than a clean title with title insurance. It is a haul from home so I have not seen it yet, but it is on the same river as our other place and I know the area pretty well. Great location, possibly even better than our cabin. I look at it Friday and will want to be prepared to take quick action if I like it in person as much as I do on paper.
But I have never bought an REO. Do I need to worry about things like unpaid taxes or other liens on the property if I get title insurance on the place? What do I need to worry about from the POV of it being an REO? I am not concerned about the lack of inspections, water or septic. The price is such that I could replace all the critical systems afterwards and still have a good price on the house, and there is enough acreage to accommodate new systems. There have been some spectacularly cheap REO sales in this area, very inefficiently priced by out of area agents who don't want to be bothered.
cross posted on Real Estate Investing
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