Buying Bank Owned Property
Boston Buying Bank-Owned Property Attorneys
Knowledgeable, Focused Counsel to Facilitate Transactions
When a property has gone into foreclosure, there are very specific steps needed to enable investors and other buyers to acquire the property from the bank. You have to be ready to move quickly, because banks are usually not interested in holding on to the property indefinitely.
At Roche & Roche, in Franklin, Massachusetts, we know how to negotiate and structure these transactions so that they go forward efficiently. To learn more about how we can help you in buying bank-owned property, call us at (508) 528-8300.
What Buyers Should Understand
Prospective buyers should understand that bank-owned properties are not likely to be in pristine condition. They must be motivated to move on the transaction quickly and effectively, with financing ready.
Our lawyers can guide you through the necessary steps. Specifically, we can:
- Work to remove any title defects, acting in conjunction with the bank to do this
- Facilitate the acquisition of financing, using our contacts with lenders in the area
- Negotiate terms, or review terms proposed by the parties
Importance of Clearing Title
It is important to have title thoroughly reviewed, so that the buyer is assured to getting good, clear title. Bank-owned property often has title issues, arising from liens, encumbrances and other sources. We work with the buyers, real estate agents and the bank to make sure problems are cleared up.
These title problems can take many different forms and become very complicated. But working with our experienced attorneys, you will know they are being properly addressed. Let us help you avoid a defect that could get in the way of your transaction.
For a free consultation with one of our attorneys about buying bank-owned property, call (508) 528-8300 or contact us online.