can you let me know what the process is for a bank owned foreclsoure? Are there any liens against this property and if so is buyer responsible?

Asked by Francine Lachance, Pittsfield, MA Fri Aug 31, 2012

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Heath Coker, Agent, Falmouth, MA
Thu Sep 6, 2012
Once the bank owns it, you can buy it. This one already has accepted offers on it.

I would use a search engine to find info on Foreclosures in MA. There is not a fast answer to this question. There are investor groups that run classes to help you get started, though. And you may find enough info online to help you get started.

Normally however, you can see what liens are on the property before it is foreclosed by searching the appropriate registry of deeds (in MA). There is a pecking order - the one recorded first has the highest priority, but the federal govt and in some cases state and local can supercede that. It is always best to have an attorney review the title if you aren't sure what you are doing.

In the case of the property you asked about, the bank already owns it, so there are probably no liens or claims on the property other than the bank's. Again, ask a real estate lawyer who works with foreclosures to look at the title and let you know.

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Helen Tarant…, Agent, West Roxbury, MA
Sat Sep 1, 2012
Usually the seller is responsible for liens unless disclosed. The property is foreclosed, so the buying process would be more streamlined than say a bank short sale. Oftentimes, the financing process is a bit more tricky due to the condition, owner occupany etc. of the foreclosed home or condo unit, so a cash buyer often has more clout. As is the case with this property, it has an offer accepted, as foreclosed homes, are usually priced aggressively to sell very quickly.
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