U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Raleigh, Durham, Chapel Hill, Cary
 [Register]
Raleigh, Durham, Chapel Hill, Cary The Triangle Area
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 11-01-2015, 06:04 AM
 
Location: Raleigh, NC
430 posts, read 678,644 times
Reputation: 295

Advertisements

I'm curious what this description on a real estate listing means. "Property exempt from residential property disclosure due to foreclosure. No survey or history in file. Property will be conveyed in most cases with a special warranty deed. No repairs will be made."

It's one of those houses that has been sitting in the neighborhood unoccupied for years...during which time I believe the HVAC was not running. I've heard this is a problem (mold, etc) am curious to know more.
Reply With Quote Quick reply to this message

 
Old 11-01-2015, 06:09 AM
 
Location: under the beautiful Carolina blue
15,764 posts, read 24,015,812 times
Reputation: 11710
There was a house in our old town that sat vacant for years because of a dispute over the estate. In this case it sounds like something to do with the bank, or maybe unpaid taxes? Will be curious to see what the RE agents here say.
Reply With Quote Quick reply to this message
 
Old 11-01-2015, 06:21 AM
 
1,614 posts, read 1,125,513 times
Reputation: 2635
From what I have seen on HGtv, shows like Flip or Flop show what can happen when you purchase one of these forclosures and its basically sight unseen prior to buying. What a mess it can be and you
better be able to come up with the funds for all the surprises plus the clean up before rehab even starts. Its one of those buyer beware deals. Try to catch this show a few times. If you have the money,time,energy and skills to do all yourself go for it especially if you will be living in it yourself. Could be the best thing you have ever done.
Reply With Quote Quick reply to this message
 
Old 11-01-2015, 07:10 AM
 
Location: Near Falls Lake
2,310 posts, read 1,682,175 times
Reputation: 2151
The potential problems are just about endless. Unless you have funds and skills, purchasing a house like this and just about any price would be a very risky endevour.
Reply With Quote Quick reply to this message
 
Old 11-01-2015, 07:28 AM
 
2,884 posts, read 3,194,968 times
Reputation: 3068
A thorough inspection can still be done prior to buying. The bank won't make repairs, but you can walk or base your offer on anticipated repairs.
Reply With Quote Quick reply to this message
 
Old 11-01-2015, 08:03 AM
 
Location: NC
6,081 posts, read 7,047,947 times
Reputation: 12054
No matter the size or construction, I would say have a minimum of 40-50K ready for unanticipated repairs, or plan to have the home torn down. Some of those foreclosures will end up pretty nasty inside with either mold or insect and/or water damage.

But if you are brave, with some back up funds, it might be a diamond in the rough.
Reply With Quote Quick reply to this message
 
Old 11-01-2015, 11:46 AM
 
Location: Raleigh, NC
2,535 posts, read 4,503,312 times
Reputation: 2572
Legally, owners are required to provide a document called a residential property disclosure EXCEPT in cases of foreclosure. The disclosure has a list of items that the owner has to check a box if there are or are not any known problems OR if they make no representation. Owners are not required to disclose problems with their property because NC is a buyer beware state, but they do have to provide the disclosure. They are just letting you know that they don't have to provide the disclosure because the property falls into one of the exceptions, i.e., foreclosure.
Reply With Quote Quick reply to this message
 
Old 11-01-2015, 12:31 PM
 
Location: Raleigh NC
7,781 posts, read 6,140,656 times
Reputation: 6905
you would need to do all of your inspections before deciding to buy and submitting an offer. the bank is not going to fix anything for you. further, some items that require utilities to determine their functionality, you may or may not have or be allowed to turn on utilities.

there could be massive issues, and there might be very few.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Raleigh, Durham, Chapel Hill, Cary
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top