FORECLOSED PROPERTIES: Hidden costs ambush buyers

[Digidiver]

"I thought everything was great until the letter came in the mail," Evans said.

The letter, from the city of Las Vegas, informed him that a previous, neglectful owner had racked up more than $60,000 in fees and fines because the city had to hire someone to board up the building and pick up trash.

Those charges stay with the property, meaning Evans was potentially on the hook for a bill that was far more than the property's $37,500 auction price.

http://www.lvrj.com/news/59215242.html

[flintlock]

Re: FORECLOSED PROPERTIES: Hidden costs ambush buyers

Would not a reasonable title and lien search turn up something like this?

[zoog]

Re: FORECLOSED PROPERTIES: Hidden costs ambush buyers

Would not a reasonable title and lien search turn up something like this?

from the article:

So far, two cases like this have made it before the City Council. More are expected because of the number of foreclosed and abandoned properties being snapped up by investors who might be receiving clean titles to places that shouldn't have clean titles.

It could be partially the buyer's fault if he or she isn't checking the property's history in the Clark County recorder's office, said Devin Smith, neighborhood response manager for the city.

"I probably get a phone call a day from someone who bought a property, and now they want their fees waived," he said. "People are just showing up, they're buying properties and then they're saying, 'I didn't know about this.'"

But some people, like Evans, are telling the city they were given a clear title, though title to the property should have been "clouded" by city notices that work was done on the property.

[BiscayneSunrise]

Re: FORECLOSED PROPERTIES: Hidden costs ambush buyers

As flintlock alluded, I think I'd also take it up with the title insurer.

[Starving Steve]

Re: FORECLOSED PROPERTIES: Hidden costs ambush buyers

With times the way they are now--- no jobs, no income, no interest on savings, bond defaults, bonds being called, bankrupt govn'ts, fly-by-nite owners, outrageous real estate prices still, banks holding-back foreclosures to keep prices up, Bernanke bail-outs for the oligarchy, a dead America, eco-frauds in control, scammers running-wild, an SEC asleep-at-the-switch, Bernie Made-offs, etc--- I would NOT be in any rush to buy anything, at any price. And when you do shop the foreclosure market, YOU set the price, not the bank. YOU are the market, not the realtor. YOU tell the market what things are going to be worth, and if they don't like it, tell them to f-off. And when you demand clear title, you mean CLEAR TITLE, no ifs, no ands, no hidden taxes, no bullship.

Certainly you do NOT take anyone's bus ride to look at foreclosures. You do NOT fall for any of that junk. No auctions.... You tell the bank what you want to pay, and the story is over. If they want to keep the property, let them. Time is on your side, not the bank's.

And if the bank tells you this crap about rent-flows, tell them to deal with the druggies and gangsters while they try to collect their rent-flow.

And things cost a bloody fortune to fix to-day. You do NOT buy fixer-uppers at any price. Plus the eco-frauds (green police) make fixing things almost impossible with their environmental restrictions to protect a rare mosquito or rare mouse, so any permits to do construction may cost a fortune in time, delays, expediters, and pay-offs.

America will never come back, nor will Britain. Don't fall for what things used to be worth. Those days are irrelevant ancient history now.