I have considering buying foreclosure property but know little about it. What should I be wary of. Taxes Codes
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Answer:
If it is an REO, the lenders usually settle all the liens, etc., so there is not much risk to the buyer. If it is a sale on the courthouse steps, there is plenty to worry about - including IRS liens, property tax liens, mechanics liens (from work done to the house), and the list goes on and on... Another worry is how to come up with the CASH to buy the house on the day of sale, and it usually must be certified funds.
Will you have to pay back taxes? Is there water?
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