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quit claim deed from government?
i'm interested in an auction being conducted by the usda. it is a farm with a burned down house on it... 0 value. was told by the rep. the transfer of ownership will be quit claim deed. was also told he knows nothing more about the farm than they've had possession of it for approx. 1 year. the farm house burned down in the early 1990's. i ran thru an online title search co. and the title is in fact in the usda's name. however, is it possible that the previous ownwer could have either liens/debt still on the property and/or any (future)interest in it? any/all advice will be greatly appreciated! thanks. have a good one.
Public Comments
- When you buy this way you are right to have caution. Call a title co and have them do a preliminary search for liens. Ask the title co if they will insure the transfer? If they will you are all clear they will make sure that you don't end up with bad surprises. But if they won't then just do all of the research that you can. Call everyone that could have info. on it. local realtors, try to find the prior private owner, call them up they'll tell ya what's what. Check the archives at the newspaper. walk into the county recorders office and pull the file for a close up look see of your own. Best of luck, give 50% value. Ok be generous and give them 65%. Don't forget you have demo costs which are high so get your bids right away. shocking to find what the dump won't let you just drop off these days. so look into it carefully.
