What do I need to know about buying a foreclosed home in NYS?

Asked by Sparky, Elmira, NY Sat Dec 29, 2012

I am currently looking at a home that is foreclosed and owned by the bank. Is it possible there are back taxes that need to be paid or would they already be paid by the bank? What other info should I find out? The home is being sold "as is."

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Scott Godzyk, Agent, Manchester, NH
Sat Dec 29, 2012
When buying at auction, the buyer would be responsible for all liens, once the foreclsoure is final and teh bank takes ownership, back taxes, hoa fees and liens are taken care of. When you buy a bank owned home you should get a clean title. hiring a buyer agent who is well experienced with bank owned homes sure will help
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