Questions on Buying property as-is

counselor4444July 9, 2010

My husband and I are looking to buy a piece of property that was once a foreclosure. A third party bought it at auction and is now reselling it. The property and house are being sold as-is. The home is really a tear down and we will be treating it as such. The current owner does not have a survey or any history on the property because they bought it at auction. We want to make sure before we place a bid that: 1) the property does not have an in ground oil tank 2) there are no easements on the property (municipal or otherwise) and 3) there are no outstanding taxes, liens, and encumbrances on the property.

I have no idea where to begin. Can someone direct me? Thanks!!

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lyfia

It will likely have utility easements as around here any property does that have power and water supplied to it. Generally they are at the edges of the property are you going to not buy it because of those?

You could always make an offer with the conditions that the items you care about are satisfied. Then you can pay to have a survey done. In my area we always get title insurance and the common thing is for the seller to pay for it. During the title search any outstanding taxes, liens, etc. is generally found. A real estate attorney or title company can do this part.

Not sure about a buried oil tank though as it isn't an issue where we live.

    Bookmark   July 9, 2010 at 9:00AM
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brickeyee

"It will likely have utility easements as around here any property does that have power and water supplied to it. Generally they are at the edges of the property are you going to not buy it because of those? "

There will be an 'easement of necessity' across the property to supply it with utilities for THAT house.

If you want utilities you must grant this easement.

A title search will reveal any other easements, but someone is going to have to pay.

You can try and make the contract have all the restrictions you desire, but it is going to cost someone money to do the research.

    Bookmark   July 9, 2010 at 9:40AM
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counselor4444

I'm fine with those types of easements. I don't want any other above ground or underground easements. I'm most concerned about the oil tank- the house currently has gas heat. But I'm sure at some point when it was built in the 1960's oil heat was used. I need to find out if the tank was removed. Any ideas?

    Bookmark   July 9, 2010 at 1:50PM
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brickeyee

Give the seller a contract with the conditions you want and see what they say.

If they have only recently purchased the property they may have no idea, but at least you can start negotiations.

You can ask for just about anything, getting a seller to provide it is up to them.

They may simply respond that you can inspect to your hearts content on your nickel.

    Bookmark   July 9, 2010 at 4:16PM
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totsuka

Pay to get the land survey so you know exactly how big the property is. The county can tell you if there any unpaid taxes, title insurance will check for any liens, undergound oil tank, the county might have a history file for this property which would show a location for a tank.

    Bookmark   September 4, 2010 at 6:55PM
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