Scope Of Buyer Liability
Hi Everyone:
I found a small house on a double lot in an average city here in Mi.
In fact it is a foreclosed property and now the Bank owns it and is trying to sell it through a Real Estate Co. The listed price is $ 45000. On further probe it became evident that the house needs major repairs. The other worse news is that there is a big pending mortgage, one rehab loan and a couple of years of property taxes due. The total of the liabilities is close to $ 25,000.
My question is who is responsible for payment of the debts of $ 25,000 which are overdue ? Are these $ 25,000 a lien on the property or the Bank has to digest them all ? The Bank is expected to reduce the listed price a little bit.
sayana 
[ Edited by sayana on Date 06/11/2004 ]
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