Red Oak Realty WV Real Estate

Q and A
What is a buyer beware property? Buyer Beware is a term we use to alert the buyer that this property is handled differently then a retail sale. In short, it is cash or equivalent for quit claim deed only. Financing is not available to our knowledge. The main reason for this is the property was obtained from a tax lien foreclosure.
Is the title clear? Cloud? Lien? The property was obtained from a tax lien foreclosure. Our company has a deed to it. However it is subject to West Virginia's tax lien foreclosure code. This is the primary reason for us labeling the property Buyer Beware. It is up to the buyer to review the tax lien foreclosure and decide if they are comfortable purchasing the property or not. Our title search for notices, the notices and results are available for your review. The short answer is there are potential title risks, Liens are generally not the concern.
Is it an unrestricted property I am not aware of any deed restriction nor zoning
Would there be closing costs? The only additional fee we charge is the county fee to record the deed. I get the exact amount when preparing the closing documents. An off the cuff estimate is $50 plus $6 per thousand. For example a $25,000 sale would be approximately $250 it does vary county to county. The properties are sold subject to any unpaid current real estate taxes.
Is there a chance that the former owners pay the back taxes and the house goes back to them? The main reason for the property being flagged as buyer beware is that it was obtained from a tax lien foreclosure. The redemption period is over. The state has issued us a deed. So the prior owner cannot pay the taxes and get the property back. However the code does allow someone whos property was taken illegally to sue. If the judge finds the foreclosure was done wrong the judge may set aside the deed. Our title search and notices and all the results are in the deed for the buyers review.
Did you have a title search done on it when you purchased it? Our attorney did a title search for notifications. The title search, notices and all results are our deed for review. Usually there is a link to it on our website. If it’s not on there we can add it.
Has the grace period expired? The redemption period has expired and the state has issued us a deed. Buyer beware properties are typically still within the challenge period.
Are there any pending taxes on it? The back taxes were paid in the tax lien foreclosure process. It is sold subject to any current unpaid taxes. Typically this is the current year and possibly the prior year.
Is it able to be entered and looked at? Viewings are handled by the owner, after you have fully reviewed the buyer beware information those arrangements can be made with the owner.
How does agent commission work with these types of properties? Buyer beware properties do not offer buyer agent compensation to realtors

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217 CHSETNUT ST , Mannington, WV, 26554