Bank REO with liens (code violations) and what to expect

[Whit Bowersox]

I am going to inspect an REO tomorrow that the listing agent listed having liens. The property is in rough shape, (roof falling in, looks like it hasn't been maintained in years) so until I find out what the liens are Im assuming they are code violations that have racked up some hefty fines. The listing also says I need to sign a hold harmless agreement, im assuming this is so the bank can free itself of any liability of the know code violations. So what Im wondering is , say I get a killer price on this home and go to closing in which at that time i can only do so in my right mind if the bank will cover the expense of the code violation liens in order to transfer title. So now I have the house , do the code violations get served to me as the new owners, or do they usually automatically start racking up fines daily to me from the day of closing? I would think I would need to be notified (in this case probably very soon) as I intend to fix the problem immediately. The other thing im a little unsure about is being fined while the city takes its sweet time to issue a permit for the re-roof? Well anyways, im ready to dive in to this mess! Jscott? you out there man?!