Will a bank owned home be willing sign a deed over if we agreed to release them from all liability?

Asked over 2 years ago - Florence, AZ

There is a home that is currently a foreclosure, but is currently in what is considered a flood zone area and cannot be insured until the property is fixed; approximately $40K, therefore, the bank will not sale the home due to liability. Would there be a way to obtain the home (deed) and maybe even the property for free if we agreed to release the bank from all liablity? It has been off the market since 2009. Looking for a solution.

Attorney answers (1)

  1. Brandon Kavanagh

    Contributor Level 12

    3

    Lawyers agree

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    Answered . You are not likely to get the property for free but you can certainly negotiate with the bank for a reduced price based upon the problems with the property and the potential liability of the bank because of the flood zone issues. Have you tried to make an offer on the property before? Or have you just heard that generally the bank is not looking to sell the property?

    Most bank owned properties are listed with a broker/realtor, so you should be able to open up a dialogue with someone to see what the bank is willing to do to liquidate the asset.

    Disclaimer: This answer is provided for informational purposes only, does not constitute legal advice, and does... more

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