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Updated over 4 years ago,

User Stats

151
Posts
134
Votes
Gail W.
  • Investor
  • Illinois
134
Votes |
151
Posts

Bank owned purchase, not offering clear title.

Gail W.
  • Investor
  • Illinois
Posted

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?

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