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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: fatty who wrote (18812)3/22/2004 5:45:43 PM
From: TradeliteRead Replies (1) of 306849
 
<<I think the agent was less than honest with me when I was touring the property. He gave me the impression that the current owner is still the contractor/builder when in fact the ownership has changed hand.>>

Holy cow. Now you really do need to get some facts. I guess up there in the Northeast, you people still don't believe in having buyers' agents working exclusively for you, instead of the seller. True still? You could still hire one, though, if you want one.

A good agent working exclusively for you would track down the facts about the real ownership of the property, and believe me, it sounds like there could still be some ownership interest by the contractor who started the renovation. Could even be a mechanic's lien, or two or three, on the property, or something else that usually turns out to be a nasty surprise in these situations. I'd find out. Good luck!

At a minimum, ask the agent for the seller to provide you with a copy of the public tax record indicating who owns the property (or get it yourself at the courthouse).

Another possibility is that the current seller is holding a lien on the property and is owed money by the contractor. If he can recoup the amount owed by selling, then the contractor gets off the hook. Too many other possibilities to contemplate if you believe you're not getting the straight dope about who owns what and what the existing financing on the property consists of.
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