Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 4 years ago,
Bank owned purchase, not offering clear title.
I am trying to buy a house that was in foreclosure and is now a REO. We agreed to a cash sale as is and the agent sent a contract to purchase. The problem is there is language in the contract addendum that says the bank is not responsible for any mechanics lien, materials lien, or tax liens which were present before the bank gained possession. This is my first REO and the agent is telling me this is a normal contract for the bank. Is this the way most REO's are sold?