Can the previous owner of a home be held liable for problems when bank accepts a "deed in lieu of foreclosure" and then sells the property?

Youragentman
Agent
Portsmouth, NH

"As Is"

Answers (2)
Scott Godzyk
Agent
New Hampshire

Unless the previous owner did something illegal such as manufactured drugs, stored hazordous waste or such, any defect (leaking roof, water in basement, broken windows etc.) will be the banks responsibility after the property is transferred by a deed in lieu of foreclosure.

Mon Sep 7 2009, 12:57
James Gordon PBD...
Agent
Butler County, OH
FIRST ANSWER

The lender agreed to take title to the property as is instead of pursuing forclose. The property is all theirs now baby. The lender may be able to before the sale takes place go after the seller/property owner that broke their legal contract for any damages that were intentional.
Proving it is another matter. Like holes in the wall--"Oh we just had an accident when we were moving!"

Web Reference: http://www.Find1Home.com
Thu Sep 3 2009, 01:45

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