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Why would a listing say "SOLD AS IS" on vacant land

I am considering putting a cash offer on a REO property that has been on the market for over a year. It is land so I dont understand why the listing states sold as is. It also includes the tax id number. I thought that REOs no longer owed back taxes. Sorry new to this. Could someone please clarify. Does the hole process go through a real estate attorney as normal. Thanks in advance for your help.
  • June 04 2014 - Burlington
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Answers (2)

The answer is best said by J.D. Weisenburger.  Just because its land does not exclude them from not putting the boilerplate disclosures about inspections, feasibility studies and so forth to the buyer to make informed decisions on what they are buying.  They want you to be aware that anything potential may exist and for the buyer to be responsible for any and all pertaining to the land including taxes.  Just because its a foreclosure does not wipe the current or back taxes and/or other liens.  

I recommend consulting with a Realtor in your area that can guide you in land contracts. 
  • June 04 2014
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"As-Is" is boiler-plate found in every REO listing. With REO houses inspections are always a good idea and for vacant land a feasibility study is highly recommended.

This will uncover such things as wetlands and if a septic system you is needed you find out if the land will "Perk" and if a mound is needed how high it would have to be. 

The Property ID (Tax ID) is a part of all real estate transactions and is needed.

Foreclosure DOES NOT wipe out the taxes,   Taxes are ALWAYS  #1, ahead of mortgages and other liens.   As a buyer it is you responsibility to make sure the bank has paid the back taxes.    If back taxes are not paid and you buy the property the local government could lay a claim to it (specific laws and procedures vary state to state)









  • June 04 2014
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