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Can a bank sell a property with a caveat on it if not what can they do?
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What happens to the property if a property does not sell at the auction or Trustee's Sale?
If a home does not sell at auction it goes back to the trustee....(The bank / Lender). Typically the property transfers back at the starting bid...so in actuality it did indeed sell.
After deed in lieu what happens to the property?
Your lender bank obtains the title of the property and appoint a real estate agent to sell it.
What is the difference between selling and caveat?
Selling is to transfer property in exchange for good, money or services. Caveat is a Latin word for warning or caution.
Can the bank legally sell a home in forclosure for more than What is its legally worth?
The bank can sell the property for any price they can get for it. No one is going to be willing to pay more than it is worth.
Why would a bank hold a property for 5 years and not try to sell it?
The market may be bad for getting a good offer to purchase. There may be problems with the property. You would need to ask the bank.
In Real estate what does the term deed instead of foreclosure mean?
If the bank is about to foreclose on your property, you may be able to make a deal with them. Instead, of have them having to hire a lawyer and pay him several hundred dollars an hour and go to court and pay court costs and have the sheriff sell your property on the court house steps, you will simply sign a quit claim deed. You will sell the bank your property for $10. You will not have a foreclosure on your record. The bank will not have to pay a lawyer and court costs. You will have a tremendous loss on your property and not give the bank a gift so the IRS can not claim you gave the bank a valuable piece of property. You move out without having the cops throw your property out on the street.
Can a person who owes on property to a bank divide that property and sell to family member but then default on original loan and be able to still keep that small piece of property that was split?
No. The mortgage follows the whole property and it would all be foreclosed for non-payment. The bank would need to agree to release it lien on the property being transferred for you scenario to take place.
What does the Latin sentence ''caveat emptor'' mean in English?
"Caveat emptor" is Latin for "Let the buyer beware". Generally, caveat emptor controls the sale of real property after the date of closing. This forces the seller to take responsibility for the product and prevents sellers from distributing unsatisfactory quality products.
Does the bank still collect from a deceased co signers estate if the property was sold?
The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.
How will a Deed in lieu of foreclosure effect your credit?
If the bank is about to foreclose on your property, you may be able to make a deal with them. Instead, of have them having to hire a lawyer and pay him several hundred dollars an hour and go to court and pay court costs and have the sheriff sell your property on the court house steps, you will simply sign a quit claim deed. You will sell the bank your property for $10. You will not have a foreclosure on your record. The bank will not have to pay a lawyer and court costs. You will have a tremendous loss on your property and not give the bank a gift so the IRS can not claim you gave the bank a valuable piece of property. You move out without having the cops throw your property out on the street. You do not have any record of having a foreclosure on your credit record. There is no indication on any credit record that you are a deadbeat and did not pay your bills.
How do you sell bank account?
As a customer you cannot sell your bank account. It is an individual's property that can only be closed per his/her request but cannot be transferred or sold. On the other hand, if you are a bank salesman who is selling bank accounts to prospective customers, you can outline the best features and benefits of the account and try to woo customers to open one account with you.
Caveat over a building property?
This is a form of security lodging against the property. It means that the person issuing the caveat has "say or control" upon sale of this property. Generally used when a personal guarantee is issued, and you want your money paid to you. However you cannot force the sale of the property, but you can be fully involved in the final sale and have rights to your money when the property is sold.It is an excellent tool to use when you have personal guarantee. The Banks will have priority to you, but you will be next in line.
