Market Value for a single family is in the $300's
Sale Price is $30,000
I already researched the records and found out that there is $10,000 owed on the property in backtaxes. I have to find out if the owner filed a ch 7 or ch 13 bankruptcy and I also have go to the countys office and look up to see if there are any existing liens against this property. Is there anything I am missing here as far as an unforseen added expenses that I need to be aware of? I live in NH. Any advise would be appreciated.
I think that the house has been trashed by the previous owners of the property. Maybe too good to be true...but going to check it out anyway.
If it is truly bank owned you needn't worry about back taxes or other existing liens. You would make your offer conditional upon them transferring title to you free of any encumbrances.
Now about that price .... 30K for a 300K property? Not likely. Guess you'll find out on Monday......
I'm also in Southern NH looking into Bank Owned properties. Did you visit this home today? I'm curious as to how it went. I'm looking into a few myself, but found that even though they have very low amounts remaining on the loan, the liens are unbelievable. One has a loan balance of just over $6K, but a lien of $185K. YIKES!! Unless they are willing to forgive the lien, I'm not going near that one. Anyway, I'd love to know how it went for you today.