THIS JUST IN ~ CURRENT CRIME STORIES #2

Guess Who said:
Banks don't really care if they have a buyer that pays for it more than was owed in it. Too many of those sales wouldn't go through it they did.
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Yeah, but shouldn't they certify it's safe? In order to do a sale, you'd think that would be required.

They'd have to do a walk around, in order to do this.

I wouldn't buy anything without being able to scope it out.
 
Cousin Dupree said:
Yeah, but shouldn't they certify it's safe? In order to do a sale, you'd think that would be required.

They'd have to do a walk around, in order to do this.

I wouldn't buy anything without being able to scope it out.
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That's you and me though. Many don't know that and get all starry eyed at the "good deal" they got.
 
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Cousin Dupree said:
Yeah, but shouldn't they certify it's safe? In order to do a sale, you'd think that would be required.

They'd have to do a walk around, in order to do this.

I wouldn't buy anything without being able to scope it out.
Click to expand...
I absolutely think that some bank inspector should walk-through. It’s probably a state by state law that they have to or not. For reasons like this, what if there was a cache of firearms or something like that? Or a nuclear bomb being created or something. I don’t think it’s acceptable to resell a house without some kind of walk-through.
 
Kimster said:
I absolutely think that some bank inspector should walk-through. It’s probably a state by state law that they have to or not. For reasons like this, what if there was a cache of firearms or something like that? Or a nuclear bomb being created or something. I don’t think it’s acceptable to resell a house without some kind of walk-through.
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But it does happen far more than it should. There are no states that have it as a requirement

Ai response
Final walk-throughs are not required by law in the United States, but they are highly recommended. While there is no legal mandate, almost all standard real estate purchase contracts include a clause granting the buyer the right to do one before closing. [1, 2, 3]
Because walk-throughs are a standard part of the sales contract, they function as a practical checkpoint rather than a legal requirement. [1, 2, 3]
 
This is absolutely horrible. Apparently, a dog "rescue" in California has been taking in hundreds of dogs, and charging to take them in. What they're actually doing instead of adopting them out is shooting them. Worth a read.

kymkemp.com

731 Animals Unaccounted For: Investigators Dig at Miranda’s Rescue as Remains Recovered

Decades of allegations against a beloved Humboldt County animal rescue have led to a court-authorized excavation of its property — and sources say remains have already been found as a multi-agency…
kymkemp.com
 
RoundPeg said:
This is absolutely horrible. Apparently, a dog "rescue" in California has been taking in hundreds of dogs, and charging to take them in. What they're actually doing instead of adopting them out is shooting them. Worth a read.

kymkemp.com

731 Animals Unaccounted For: Investigators Dig at Miranda’s Rescue as Remains Recovered

Decades of allegations against a beloved Humboldt County animal rescue have led to a court-authorized excavation of its property — and sources say remains have already been found as a multi-agency…
kymkemp.com
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Is it owned by Kristi Noem's family?

:giggling:
 
Kimster said:
I absolutely think that some bank inspector should walk-through. It’s probably a state by state law that they have to or not. For reasons like this, what if there was a cache of firearms or something like that? Or a nuclear bomb being created or something. I don’t think it’s acceptable to resell a house without some kind of walk-through.
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I can maybe shed some light here. I do a lot of foreclosures in my legal practice. Laws vary by states, but typically there is no walk through prior to a foreclosure sale. Many (perhaps even MOST) times, the owner/debtor is still living there when the foreclosure sale occurs. So unless they are very cooperative they aren't letting anyone poke around. Usually by the time a f/c sale is arranged, the borrower/owner and the bank are not on real good terms. In some states, once the sale happens the purchaser gets to take immediate possession. In some states there is a redemption period that runs.
But, my point is that there is no real ability to inspect the property before the f/c sale. The sale is totally "as is" and the bank has no obligations (other than if they have actual knowledge of a danger). In 2/3 of foreclosure sales, the bank ends up being the purchaser anyway.
 
Prairiewind said:
I can maybe shed some light here. I do a lot of foreclosures in my legal practice. Laws vary by states, but typically there is no walk through prior to a foreclosure sale. Many (perhaps even MOST) times, the owner/debtor is still living there when the foreclosure sale occurs. So unless they are very cooperative they aren't letting anyone poke around. Usually by the time a f/c sale is arranged, the borrower/owner and the bank are not on real good terms. In some states, once the sale happens the purchaser gets to take immediate possession. In some states there is a redemption period that runs.
But, my point is that there is no real ability to inspect the property before the f/c sale. The sale is totally "as is" and the bank has no obligations (other than if they have actual knowledge of a danger). In 2/3 of foreclosure sales, the bank ends up being the purchaser anyway.
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So, the house may be sold so quickly upon the completion of the foreclosure that the lender doesn't have time to do a walk through?
 
Kimster said:
So, the house may be sold so quickly upon the completion of the foreclosure that the lender doesn't have time to do a walk through?
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When the foreclosure starts, a foreclosure or "Sheriff's" sale is scheduled. The owner/borrower has full rights to the home until then (or even after if a redemption period exists in that state). When the Sheriff holds the sale, that is it. The bank that holds the mortgage will bid its amount owed ( a credit bid) and often ends up with the property. If third parties want to bid, and often do (typically house flippers) they have to out bid the bank and pay cash same day. They either get a Sheriff's Deed right then or a Certificate of Purchase. But there is no right to inspect. The sale is "as is."
 
Prairiewind said:
When the foreclosure starts, a foreclosure or "Sheriff's" sale is scheduled. The owner/borrower has full rights to the home until then (or even after if a redemption period exists in that state). When the Sheriff holds the sale, that is it. The bank that holds the mortgage will bid its amount owed ( a credit bid) and often ends up with the property. If third parties want to bid, and often do (typically house flippers) they have to out bid the bank and pay cash same day. They either get a Sheriff's Deed right then or a Certificate of Purchase. But there is no right to inspect. The sale is "as is."
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Thanks, if I can ever afford a house, I won't buy it this way.

I'd never buy a car without taking it for a test drive first.

I'd never marry someone until.... Nevermind
 
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