What are my liabilities or risks if I buy home from that is/was owned by someone filing/in bankruptcy in Utah?
Ute fan asked:
I am looking into possibly buying a home that was onwed by someone in Bankruptcy. I assume that by the time I get the chance to buy the house it would be controlled by the state of someone. What, if anything am I liable for if I were to buy it? Where can I research to find those answers? I am based in Utah, are there any special rules for my state?
You always buy a home “as is”.
You can limit your risks by making sure the title is transferrable to you without liens, and by having a general contractor inspect the home before you close.
You’re allowed to conduct the inspection and get a report after you put down the ernest money and before you close the home. If the inspection turns up anything serious, you have the right to refuse and get your ernest back.