Is there a catch to buying a deed (ownership) to a house owned by a bank?
816157
no, just the same as a regular purchase, only the "Seller" is a bank who foreclosed against the previous owner when they failed to pay the bank loan.
418931
I am not sure but I do beleive it has something to do with realestate. You as the consumer or purchaser can obtain a deed on the property? Something along those lines,...
20271
Well, if the house still has a mortgage, you will only own the part that is already paid.  Say, the house is worth 300k, but there is only 200k left on the mortgage.  You will only own the 100k that was already paid for.  However, before you jump on it, you will still be liable for everything that comes with the house.  All, the liens, pending cases, all taxes, all settlements that are currently being paid, all workers that have worked on the house but have not been paid yet, etc etc.  So, after you do the paperworks and assume the position of the new owner, everything related to the house is yours.  I dont see a problem, but do consult a lawyer to have him dig up everything on the house.  I mean, if its left to you, you will not  be liable for anything against the house unless your name is on the deed.  Because someone leaves something to you and now you owe because someone is suing the owner of the house for 2 million.  How is that fair?  But, check up on it, and after everything is fine, you can take possession.
226979
It all depends on whose name is on the deed and mortgage.  If it's in one name, then the person who is named is responsible.  If you both are on it, then it's just like selling the house when you are married, just split the profit evenly.  If the deed is in one name and the mortgage is in both names, then the one on the mortgage who is not on the deed may get screwed, because that person has no ownership in the property, but is still responsible for the mortgage.  Don't sell it too cheap, because courts will look at sale prices and actual value and they tend to get upset if you sell a $150,000 for $50,000.
276547
There has to be a way to move you on to the deed. With multiple names on the deed the property could move between relatives. I would not suggest a quit claim deed, that might be contested (forged). This is a situation for a professional, believe me the cost is worth the gain.
842003
This has been a good question for a long time. A verbal contract is binding (If both sides agree what was said) so I cannot see why this is not true in house buying. \nIt is in Scotland so it should be the same in England too.\n\nWhat it needs is for someone who suffers financial loss (through someone offering and then pulling out, or someone not selling after accepting an offer) to take it as a test case to the courts. Or the European courts. \n\nIt is totally wrong that they English system allows it to happen. The system should allow us to sue the pants off the person responsible for making the deal fall through. \n\nI think the solicitors and legal teams are a bunch of leeches too, by the way. The British conveyancing system sucks. Big time.\n\nHope that helps and good luck!
634573
You are just asking for trouble by not working with a title company.\n\nSome 'cash' deals include legal documents that will transfer title for $10.00\n\nIf the check you get from the buyer turns out to be no good you're officially dead without an attorney.
367342
If your name is on the deed then you are an owner and you can simply put it up for sale. I would hope that the deed with your name on it (as a party of the second part) was recorded with the register of deeds in the county where the property is located.
791634
She can't sell the house unless she owns it, the bank may be willing to work with you if they know what happened. Good Luck!
81787
We did something similar but transferred it to a Family Trust.\n\nHowever, transferring the deed to you is entirely possible.  The only thing is that when you sell this property, your capital gains will be based on your initial cost of $0.  Therefore, you will pay higher Capital Gains tax later on. \n\nThis should of course be offset by you getting this property for free, and really depends on your tax bracket.\n\nIs there a mortgage on this property?  If so, you can still transfer the deed to you.
759271
If your realtor is confident that it will go through and they do this all the time, then you probably don't have anything to worry about.  However, here in Colorado, I've found that the banks usually won't take a short sale when the sellers are caught up in payments.  Then again, our foreclosure rate here in Weld County is 700% higher than the national average.
1126192
Have you thought about seller financing for the other 20%?   You get your 80% mortgage loan from your bank and the seller carries the other 500k as a second deed of trust with a short carry period of say 3-5 years.    How you structure the note is negotiable of course as a principal and interest or interest only balloon payment, rate etc.   Some sellers just want out of the property and won't do it, but frankly if the property has credit tenants and positive NOI and positive cashflows after debt service of the 80%, the seller might be receptive to this (after all, no one knows the property better), especially if you either gave a little room on the interest rate, purchase price or other terms and conditions in exchange.\n\nA second idea would be you could probably use the equity in another property you might own (or any other type of investment really) as collateral on a loan for the other 20%.   There are definately a lot of ways you can do this, just make sure the numbers make sense and the cash flows can support it.
300662
it's not a bad deal for people who might have trouble qualifying for a conventional loan.  It's usually an owner who owns the house outright and wants to have that interest on the sale (like what the bank would normally get).  That owner will have a lien on the house the way a bank that did your mortgage would.
761906
If the land you are buying is low in value, you are better off working with a small local bank. Major lenders don't like to deal with small loan ammounts, especially on land. Local banks generally know what's going on in the area and would be more willing to work with you. If you are buying a site from a developer, they may have a preferred lender. Ask them about it. Sometimes a preferred lender may give different incetives.
187755
Yes, \nIf you want the property, you have to comply with the conditions of owning it.\nNote, I am sure there is a provision of recapture, if you sell or move within the 5 years.\nMeaning you will have to pay a penalty fee of sorts, if you do not comply with the agreement.  There might even be a clause that allows the city to foreclose, if you don't comply, so make sure you understand the conditions of the contract.  \n\nUsually, a deal like this is worth the investment if you follow the provisions of the contract.  Cities don't want investors in such transactions, that is why they put a timeframe of ownership in the contract.
924931
It is still legal.It sound as though it's got a Deed Of Covenent on it,which does stoop you from building.This next bit will take some unravelling.You'll need a solicitors hellp,as you will need to find the original owner,and see if they will agree to remove the covenent.It may cost quite a bit of money.
1057091
What you are speaking of in the terms of owner financing is when you sell your house to someone and you become the bank.\n\nNow if you want to do something like this, you sell the property to the buyers find a closing agent, transfer the title and have a closing. The buyers then would pay you monthly payments. If what you owe on the first mortgage is the sales price then you will simple be the middle man between the mortgage company and the new owners.  \n\nIf the first mortgage is not the sale price, there is additional amount to be paid you have to establish a 2nd mortgag in your name. It would work something like this.  The first mortgage is \n$150,000, but the value of the property is $175,000. You would have a second mortgage of the difference of the first mortgage and the sale price, in the illustration it would be a $25,000 second in your favor.\n\nYou would figure out the payment on the 2nd mortgage add it to the first mortgage and that would be their monthly payment to you. This transaction is called a wrap around deed or an all inclusive deed of trust.\n\nIn this scenario, you would have to foreclose on the property if they fail to make the monthly payments to you.\n\nWhat you are getting into is more or less a lease with an option, or a land contract. You indicated you wanted to keep the deed in you name and kick them out if they fail to pay.\n\nYou have to figure out the best method you feel comfortable with.\n\nI hope this has been of some use to you, good luck.\n\n"FIGHT ON"