Experience on buying an Occupied Bank Owned property on Hubzu
I bid for a Bank owned multi family house on Hubzu and won. The property was tenant occupied and it was cash only. I signed the Purchase and Sale and we were getting ready to close. I found out that the house had a long list of city violations, I was okay with that, it still made it a good deal as I spoke to the city and they were willing to write off a lot of them. Then all of a sudden I got an email to sign a Hold Harmless Agreement, so just to make sure I decided to snoop and ask neighbors and the lady at the city if they knew of any other litigation. Apparently the tenant had fallen and the bank had offered to settle at $35,000 but the tenants lawyer was fighting for more money. I told this to the bank, but they wouldn't disclose of any pending litgation, they just wanted me to sign and take over everything violations and any pending litigation. At this point I decided to pull out of the deal with this shady bank. Mind you this house has been under agreement 3 times before me. It is right back on HUBZU as I type - I guess it will be on the market till they find a sucker. Thought I would share my experience.