I definitely agree with Pacita, you want to be sure you carefully read all the documents in the HUD and in addition be sure to read any addendums that the bank requries you to sign to be sure they aren't exempting themselves from any disclosures or payments. Most often they will put things in like passive contingency removal,etc which would have nothing to do with outstanding liens but is VERY IMPORTANT to know about in your contract. Ask your Realtor and you may also want to consult a Real Estate Attorney to review any bank related documents when dealing with an REO seller.
Best of luck to you!
Jessica - Wed Dec 9 2009, 12:13