Underground oil tank issue with Bank of America Short Sale - Short Sale Superstars2024-03-29T13:21:30Zhttp://shortsalesuperstars.com/forum/topics/underground-oil-tank-issue-with-bank-of-america-short-sale?feed=yes&xn_auth=noNo, my assumption was that yo…tag:shortsalesuperstars.com,2013-09-25:3468065:Comment:3336942013-09-25T13:33:34.959ZWayne Brookshttp://shortsalesuperstars.com/profile/WayneBrooks
<p>No, my assumption was that your owner "was concerned B of A.....would not foreclose" because he thought if the bank took title, he was off the hook. Your owner won't have any liability to any future owner, who buys with disclosure. He might be concerned about the liability from contaminating neighbors, etc. if it's in the water table.</p>
<p>I think your seller has nothing to lose by letting the buyer do his due diligence.</p>
<p>No, my assumption was that your owner "was concerned B of A.....would not foreclose" because he thought if the bank took title, he was off the hook. Your owner won't have any liability to any future owner, who buys with disclosure. He might be concerned about the liability from contaminating neighbors, etc. if it's in the water table.</p>
<p>I think your seller has nothing to lose by letting the buyer do his due diligence.</p> Hi Wayne,
Thanks for your res…tag:shortsalesuperstars.com,2013-09-25:3468065:Comment:3335612013-09-25T13:17:03.476ZSusanne Rhamehttp://shortsalesuperstars.com/profile/SusanneRhame
<p>Hi Wayne,</p>
<p>Thanks for your response. If that's the case, then if my buyer finds contamination when he removes it, would the current owner still be responsible since he's the chain of title? Would my buyer have to get permission to remove the tank prior to closing title to make this be the case?</p>
<p> </p>
<p>Thanks</p>
<p>Susanne</p>
<p>Hi Wayne,</p>
<p>Thanks for your response. If that's the case, then if my buyer finds contamination when he removes it, would the current owner still be responsible since he's the chain of title? Would my buyer have to get permission to remove the tank prior to closing title to make this be the case?</p>
<p> </p>
<p>Thanks</p>
<p>Susanne</p> If the bank does foreclose, i…tag:shortsalesuperstars.com,2013-09-25:3468065:Comment:3335572013-09-25T03:10:18.925ZWayne Brookshttp://shortsalesuperstars.com/profile/WayneBrooks
If the bank does foreclose, it still won't take the liability away from the current owner. He's in the chain of title, and it will be established that the contamination was present while he still owned it.
If the bank does foreclose, it still won't take the liability away from the current owner. He's in the chain of title, and it will be established that the contamination was present while he still owned it.