Foreclosure in 60653>Question Details

Robert, Real Estate Pro in 60653

Because the condo association owes the water company $50,000, foreclosured properties bought will not be in the purchaser's name, who

Asked by Robert, 60653 Thu Sep 22, 2011

hold's the deed? When the water bill is paid, how do I get the deed in my name? Do I need to go back to the seller (the bank) in order to get that changed or is that something the title company can do? Even though I paid cash for the property, who legally ownes the property? Can I sell the property even though I don't have the deed in my name? Am I ever in danger of 'losing' the property, can the bank take it back even though it was paid in full?

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This doesn't even make sense. My guess is you believed the sales pitch / hype and didn't bother to do your homework. This sounds like one of those 'it's a great deal' REO / judicial sale purchase that was done without real follow up thought or research. Hope it works out for you but it may be a long, hard road. You need to talk to an REO attorney immediately to review your paperwork.
I have to guess here you did not have an attorney for your purchase. The thought that a competent attorney would let their client proceed in this type of situation is pretty horrible and doubtful.
The City will file a lien based on the past due water bill. It typically takes a long time for the City to enforce that lien. They don't want your property/Condo building, they want the money. How occupied or empty is this building? Depending on occupancy the City may or may not terminate water service.
An important factor is whether the developer properly notified Water that the building went Condo. If Water was properly notified and has the property listed as a Condo building, you may be in luck. You should be able to pay your portion of the outstanding bill, get an FPC from Water and record your deed in your name. If the developer did not notify Water, it will be a long battle.
Any and all legal recordings will have to be dealt with by you and your attorney at your cost. It is highly unlikely anyone else will go to the time and expense to do it for you.
Web Reference: http://www.aic-chicago.com
0 votes Thank Flag Link Fri Sep 23, 2011
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