Posted on: 09th Aug, 2009 01:28 pm
there is on e property which is being sold by chapter 7 trustee under a chapter 7 case. the terms of the sale states that the property is being sold as where is with all fautls ..., and free and clear of any and all liens, judgments or mortgage or adverse claims to title..
It also states that "the trustee shall convey the property by delivery of quitclaim deed. the quality of title shall be that which a reputable title company is willing to approve and insure.
i would like to know if there is "any kind of risk in buying such property especailly if it is coming with quitclaim deed from trustee
It also states that "the trustee shall convey the property by delivery of quitclaim deed. the quality of title shall be that which a reputable title company is willing to approve and insure.
i would like to know if there is "any kind of risk in buying such property especailly if it is coming with quitclaim deed from trustee
The risk is that you often do not get to see the interior of the home during a foreclosure auction. Homeowners will sometimes take a sledgehammer to the place.
not unlike some of our posters, who take a sledgehammer to the questions posed by others...just had to do that, i guess...sorry.
from what you've described in the terms of sale, grace, it would seem that you'll be treated decently - a quit claim deed that be insurable by a title companty is a definite bonus. if you've been able to view the home, you know what you're getting into. if not, as eric noted, homeowners have been known to destroy property when they learn they'll be losing it.
from what you've described in the terms of sale, grace, it would seem that you'll be treated decently - a quit claim deed that be insurable by a title companty is a definite bonus. if you've been able to view the home, you know what you're getting into. if not, as eric noted, homeowners have been known to destroy property when they learn they'll be losing it.
Hi, i was woundering if you could get back to me with some info inregards to bankrupt houses for sale,
waseem
cheers
[E-mail address and phone number deleted as per forum rules. Thanks.]
waseem
cheers
[E-mail address and phone number deleted as per forum rules. Thanks.]
wow - "companty"
i hope nobody noticed that...and me, an editor and all. :oops:
i hope nobody noticed that...and me, an editor and all. :oops: