How does this information aide with the purchase process

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Reference no: EM133792573

As mentioned in the case study video, Katie takes the information provided from the foreclosure notice to research the property further. She starts by visiting the registry of deeds to find the history on the property. Her search reveals multiple hits on the property address. She finds documentation verifying property ownership. Research also reveals several liens on the property-some that have been cleared and some that have not been cleared. Currently there is a mechanics lien on the property for a new roof that has not been released. There's also a history of back taxes on the property, but she cannot find evidence that the taxes have been paid. She finds that the property had a first mortgage and a second mortgage, with the second mortgage having been paid off. The first mortgage holder is the bank currently responsible for auctioning off the property as part of the foreclosure process. This document shows that the property was mortgaged six years ago for a price of $250,000 for a 30-year fixed rate mortgage at 4%. In reading the warranty deed for the property, she finds that the property contains a right of way for neighboring properties. It also includes an easement to the electric company for power lines and to the town for sewer access.

Katie contacts the town offices where the property is located. She finds that there are indeed back taxes on the property, totaling $6,000. She also gains information on what is allowed to be done with the waterfront property. Because of the property's location on the lake, the property is limited to 10% clearing of trees and shrubbery per year. This limits the amount of work Katie can do to the landscaping of the property as part of her renovation process. She is also required to maintain town access to the property per the deeded easement.

Based on the information provided in the Week 1 Case Study, the required resources for this module, and your own knowledge and research, address the following areas and questions:

In your own words, provide a summary of the case. This may serve as your introduction.
What is the purpose of the research that Katie has done on the property? What would be the downfall to not conducting research?
How does this information aide with the purchase process?
Has Katie conducted enough research on the property to feel confident in moving forward with a purchase? Why or why not?
What additional thoughts, if any, do you have on this case?

Reference no: EM133792573

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