buying our first home - too good to be true ?

[xrevvyx]

What is the name of your state? Union County, New Jersey

My husband and I were approached about buying our first house - for significantly less than market value (houses in our area are selling for approx $450,000) -

and we believe it may be that the property is being foreclosed -

the owner (who happens to be our neighbor) approached my husband, and told him that he was selling the house (which is in HORRIBLE condition) back to the bank for $50,000 - and that all we would need would be a $3,000 downpayment -

my fear is that there may be liens on the property or back taxes owed (for which we would be responsible).

I have tried contacting 2 real estate lawyers (using the link above) - but was wondering if anyone here had any suggestions..


thank you in advance

[nextwife]

Good heavens, don't even think about closing on such a deal without both an updated title policy (and gap coverage, or closing in escrow) and a thorough property inspection PLUS reassurance from your municipality that no raze order is out there. Also check for work orders, arrearages on taxes, water & sewer. Use a Real Estate attorney. Inspect for structural defects, radon and toxic mold.

[xrevvyx]

I *KNEW* I came here for a reason thanks nextwife ..

the guy told my husband that he wanted to give US a shot at the house before anyone else.. this all seems WAY too good to be true..

***STUPID QUESTION ALERT ***
will the attorney do/arrange all of the things you mentioned ? or do I need to do that ?? (told you it was a stupid question)

[HomeGuru]

You need to find out what the current existing debt is on the property.
Then go from there.