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In My Neighborhood in 19133 : Real Estate Advice

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Sun May 8, 2011
Bill Eckler answered:
Kenny,

If your friend is willing to exchange this property for one dollar and back taxes, he/she is not really giving the property to you. The old saying, "look before you leap" may apply here.

It would be important to understand if there is a clear title to the property. We know there are back taxes associated with it but are there any liens or other debts that are attached to the property. We would recommend that prior to making any type of commitment that you do some investigating first. It would also be beneficial to know the current value of the subject property.

When all is said and done, the value of the property and its condition, back taxes, legal fees, and possible liens are very important considerations.

There are times, we shouldn't look a gift horse in the mouth but other times that everything may not be as it appears.

Hope this is helpful,

Bill
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