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Bob2356 -- this was a house that was repo'd because it was in the name of the owner's business and the business went belly-up. Forgive my ignorance but would the prior owner have been able to get an fha loan on a house for a commercial business?
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There's a foreclosed house next to me. Last Nov. the city was to contact the bank who got it thru foreclosure and get some exterior repairs done. We had a hard winter and I can understand why nothing was done. I queried city inspections the other day re status of the repairs and here's what I got in reply:
> "I am working with the bank at this time on this property.
> There has still been no deed filed with the county, they are dragging
> their feet about turning it over to a HUD property.
>
> Sorry it's taking so long, sometimes these do when they are in limbo
> like this or when we issue notices to appear in court."
The property was returned to the bank when there were no bidders in a sheriff's auction. The bank promptly jacked the price from $150K to $180K (latter being the RealtyTrac price). The inside is awful. Kitchen appliances missing. Toilets gone, sinks gone.
My question is, what's HUD got to do with this? Seems to me that the bank is "snowing" the city inspections dept. Any comments? Any suggestions? Thanks!
#housing