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The sellers disclosure law in this state says that a seller has to disclose any legal action or threat of legal action against the property to the buyer.
OK. So what does your lawyer say about it then? What remedy is available to you if someone does not make the proper disclosure?
How are you able to obtain a mortgage without a current survey? In Texas, all financed properties have to have a survey approved by the lender and the title company as that's part of the title insurance, insuring the property lines.
How are you able to obtain a mortgage without a current survey? In Texas, all financed properties have to have a survey approved by the lender and the title company as that's part of the title insurance, insuring the property lines.
MD is fuzzy on that. For years all that was needed was a location survey-"Yep, there's a house at that address" and not a lot line survey. That's a good question, by the way, because the law was changed a few years ago to require a lot line survey if one had not been performed within the previous, I think, five years.
A foreclosure notice is a lawsuit. I would postpone the closing and let my lender and title company know this new information and ask them what to do about proceeding forward.
Ignore the real estate agent about being in default, a new lawsuit against the property just came up two days ago, all they care about is their commission. They will lie to you repetitively until the deal goes through.
The sellers disclosure law in this state says that a seller has to disclose any legal action or threat of legal action against the property to the buyer.
I just read through this thread and I agree with you that the seller should have disclosed the pending foreclosure. This is of course based on your statement above about the disclosure requirements of your state. However, I don't see how this is relevent to you so long as the bank does not foreclose prior to your closing. Once you own the property and the bank is paid in full at the closing table the foreclosure law suite will be gone like dust in the wind. As for the seller filing liens after you own the property . . . well once the deed is filed with your name on it then they're no longer the owner and cannot put liens on the house without your consent or a court action. The fact that they own other properties which are not in foreclosure is inconsequential. Everyone makes choices in life and these people made the one that works best for them by allowing this property to fall into foreclosure.
To me, this sounds a whole lot a serious case of first time homebuyer jitters.
I'd certainly put the closing on hold or at least have the money put into escrow for 90 days. Since you said the seller has other properties, he could have easily bought materials for another one of his properties but used the house he's selling as the job address. If he doesn't pay, there will be liens filed on your new home. Will you have to pay them- probably not, but you will be out money to get the releases. This is not a good situation and frankly, I'd walk away from this problem child. You should get your down money back or file fraud charges against the seller since he obviously and deceitfully didn't disclose properly. I'll also be impressed that the clown doesn't strip the house of lights, switches, toilets, etc. Sounds like a low life seller to me.
I'd certainly put the closing on hold or at least have the money put into escrow for 90 days. Since you said the seller has other properties, he could have easily bought materials for another one of his properties but used the house he's selling as the job address. If he doesn't pay, there will be liens filed on your new home. Will you have to pay them- probably not, but you will be out money to get the releases. This is not a good situation and frankly, I'd walk away from this problem child. You should get your down money back or file fraud charges against the seller since he obviously and deceitfully didn't disclose properly. I'll also be impressed that the clown doesn't strip the house of lights, switches, toilets, etc. Sounds like a low life seller to me.
This post is a good reminder as to why you should NEVER rely on anonymous online legal advice. Get a qualified real estate attorney to walk you through the closing. You're still too concerned about a "foreclosure" that will not happen if you buy the house.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Originally Posted by MikePRU
I just read through this thread and I agree with you that the seller should have disclosed the pending foreclosure. This is of course based on your statement above about the disclosure requirements of your state. However, I don't see how this is relevent to you so long as the bank does not foreclose prior to your closing. Once you own the property and the bank is paid in full at the closing table the foreclosure law suite will be gone like dust in the wind. As for the seller filing liens after you own the property . . . well once the deed is filed with your name on it then they're no longer the owner and cannot put liens on the house without your consent or a court action. The fact that they own other properties which are not in foreclosure is inconsequential. Everyone makes choices in life and these people made the one that works best for them by allowing this property to fall into foreclosure.
To me, this sounds a whole lot a serious case of first time homebuyer jitters.
I just read through this thread and I agree with you that the seller should have disclosed the pending foreclosure. This is of course based on your statement above about the disclosure requirements of your state. However, I don't see how this is relevent to you so long as the bank does not foreclose prior to your closing. Once you own the property and the bank is paid in full at the closing table the foreclosure law suite will be gone like dust in the wind. As for the seller filing liens after you own the property . . . well once the deed is filed with your name on it then they're no longer the owner and cannot put liens on the house without your consent or a court action. The fact that they own other properties which are not in foreclosure is inconsequential. Everyone makes choices in life and these people made the one that works best for them by allowing this property to fall into foreclosure.
To me, this sounds a whole lot a serious case of first time homebuyer jitters.
Yup. This ^^^.
The bank which has supposedly filed a foreclosure notice will get paid off at clsoing. The taxes are current, or the town/city has a claim at closing?
It sounds like you have not had an attorney with you from the beginning. Is that true?> How could this possibly happen<?
Your attorney, who did the original contract review, and has reviewed the transaction at each step along the way, will give you advice and guidance on whether to proceed. From 50,000 feet, i see no reason to not close the property and move along.
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