Home Buying in Laguna Woods>Question Details

randy_haslam, Home Buyer in Laguna Woods, CA

On "Bank Owned" homes, how do I get a list of OTHER DEBTS that may be attached to the property? Can offers be submitted directly to the Bank?

Asked by randy_haslam, Laguna Woods, CA Tue Jun 11, 2013

Help the community by answering this question:


If a bank owns it they can not sell it to you with encumbrances. This means they have to pay or have any liens removed before they can sell it to you. You are protected. You will, or should get, title insurance when you buy it and this protects you from any surprises no one knew about that affects title and a lien no one knew about would be an example.

Buying homes at a foreclosure auction is different, but they are not bank owned so not what you are asking about.
2 votes Thank Flag Link Tue Jun 11, 2013
The Bank is responsible for all liens, prior debts, Hoa past dues, taxes etc. Those fees are not passed on to the buyer. I am a Bank Owned specialist and have listed and sold over 100 Bank Owned properties.

If you need any assistance give me a call.

Raquel Pasala
REO Agent
Lic 01806253
1 vote Thank Flag Link Tue Jun 11, 2013
County records or a title/escrow company can help you secure that information. You can contact the bank and see if they would be open to a purchase agreement and, yes, I have submitted directly to the bank. Some just refer you to the listing agent that they've chosen, but if you get in earlier enough, maybe? ; ))

If you like this answer or if it was useful to you, a quick click on the green 'thumbs up' would be appreciated.

Kim Eisen
"Helping People Make Smart Real Estate Decisions since 1980"
(651) 457-HOME (4663)

1 vote Thank Flag Link Tue Jun 11, 2013

I have all the details to whatever you need with "Bank Owned" homes. You can call or email me with specific property details or I can give you general information. Let me know.

Joe Homs/Realtor-Investor
Web Reference: http://joehoms.com
0 votes Thank Flag Link Tue Jun 11, 2013
To find out about other debts, you'll have to check the property report. The county recorder keeps updated records. You can submit offer to the bank if you know the process.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Tue Jun 11, 2013
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