Skip to content
Foreclosures
Account Closed
  • New York, NY
7
Votes |
183
Posts

Would you be concerned with this Lien?

Account Closed
  • New York, NY
Posted Apr 7 2012, 07:21

I am considering purchasing a property that has a utility lien on the property, "an easement" that states the property owner is required to pay for sewage treatment and matainence. It appears as if the property is occupied (so assume the sewage system is working), but would you consider this a "normal" risk to take in foreclosure buying? Also the property is a two unit multi family in case that matters.

As far as economics, tax deed bidding will start at 12k, the property is assessed for 54k and the inferior mortgage lien is worth 248k. So I am thinking the bank may not let this property go unless there is something seriously wrong with the sewage system or some other unknown problem. Thoughts?

Thanks.

Loading replies...