Dealing with a bank in real estate can be rather humorous. It can also be rather frustrating.
For about the past year I have been trying to been trying to buy a house that is bank owned. They have had lots of problems with it including title issues, legal description issues, and now zoning issues. The funny thing is that I found out information about the property that everyone else chose to ignore.
I talked with the city and they told me bits of information. I talked with neighbors and they gave me bits of information. When I told the bank about the problems I found, they didn’t seem to care. The said they’d take care of it or that it wasn’t really a problem. When it came down to it in the end, they did care and now they’re droping our contract and saying that the property isn’t sellable. They have some major issues to take care of.
So, in this, the morons who I’ve dealt with include a title company, the bank (owners), and the listing agent, each of whom I talked about the problems with, each of whom chose to ignore them until it was too late and they had spent time dealing with a property that wasn’t even sellable in the first place.
Be sure to do your due dilligence when buying real estate. Had I not done research on this property, and had I bought it and it burned down or something of the sort, there’s no way I could have re-built a house on it because the lot is illegal right now.