Home Buying in Holland>Question Details

mmb, Home Buyer in Holland, MI

Any particular things to keep an eye for with homes that have been abandoned? Are buyers responsible for any unpaid property taxes?

Asked by mmb, Holland, MI Wed Aug 22, 2012

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If you are buying the home from the sellers who lived there, you will want to check for recorded liens, assessments or back taxes. If you are buying from a bank who foreclosed on the home, they will issue a title insurance policy and any current liens will show up and be taken care of prior to close. It is always good to read the title commitment to know what issues have to be resolved prior to closing.

The other thing to consider is the condition, you will want to do a home inspection to look for hidden defects on the property that could be expensive to fix. If a property is abandon, or a bank owns it the sellers disclosure will not yield much information.

Get in touch with a good real estate agent who can watch out for your best interest.
0 votes Thank Flag Link Thu Aug 30, 2012
Hello,

Your question depends on if that particular home goes up for sale and how it is sold. If it is sold as-is, then you may inherit any problems, taxes, water bills and liens that are associated with the property. When you purchase homes at Tax Sales, you are purchasing them without Warranty Titles almost all of the time, so you better do your homework. I just recently talked to a guy who purchase a condo at the tax sale for $15,000.00 and the property ended up having over $20,000.00 in back taxes that he is now responsible for.

If you purchase a home through Freddie Mac, Fannie Mae, HUD or a Bank. You are more than likely to get a clean insurable title. BUT, that is NOT the case each and every time, so again, do your homework. So depending on where you buy an abandoned home, yes you may be liable for any unpaid taxes.

Let me know if you have any more questions.

Thank you,

HAIG
Elias Realty
(248) 379-6547
realtorhaig@aol.com
0 votes Thank Flag Link Wed Aug 22, 2012
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