Can I purchase a bank owned property if a family member was the prior owner?

Get Legal Help Today

 Secured with SHA-256 Encryption

Can I purchase a bank owned property if a family member was the prior owner?

I want to buy a particular bank owned property that is currently on the market. I am interested in buying this particular property because I am very familiar with it’s history and condition since a family member was the prior owner before they lost it in a foreclosure. Now that the property is owned by the bank and on the market, is there anything preventing me from submitting an offer or any legal issues I should take into consideration before purchasing it?

Asked on November 18, 2011 under Real Estate Law, California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If a property once owned by a family member was foreclosed upon by its lender (the bank you are writing about) and you now wish to buy this property that is now owned by the bank, per a foreclosure deed there is nothing preventing you from making an offer on it legally or even morally.

You need to realize that the bank is not in the business of holding and selling real estate and as a result, would probably be very motivated in trying to sell it below its current market value. Rather than hiring a real estate agent to make an offer on the property, you should consult with a real estate attorney about making an offer on it. I would also speak with the family members who once lived in it about any structural issues concerning it.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption