If you're thinking of snapping up one of those bank-owned inns in Massachusetts, this might give you cause for pause.
In a surprise ruling - surprising meaning that the banksters never ever thought it would happen - the Massachusetts Supreme Court upheld a ruling that can have the impact of reversing foreclosure sales that were made improperly.
Improperly as in having no clear title to the property. Or proof of even owning the mortgage to the property. As in an overwhelming number of the foreclosure sales by most of the banks in this country these days. They don't really, in many many cases, have the title or any proof at all that they own the mortgage.
This tidbit about the titles is not news to regular readers, of course.
So what's a buyer to do? Exercise caution.
If you're thinking of buying a foreclosed property, make sure your ducks are really all in a row.
Just how does one ensure that their ducks are all in a row when the banks aren't exactly being forthcoming with the information?
Hell if I know. Seems like a fool's game to me.
But hey, what do I know?
