It is no secret that the most common cause of delays or cancelled closings faced by lenders and servicers are title issues. And with the current foreclosure explosion, it is not unrealistic to expect that limited resources will be used for title cures whether the property is at the pre-foreclosure, foreclosure, or post foreclosure sales stage.

Here are the common issues you may find in an REO Sale in NY:

1. Open Senior Liens
2. Open Common Charges and HOA Liens
3. Unpaid Open Taxes and Water Charges
4. Open Building Permits or Missing CO's.
5. Third Party Interlopers
   

So the moral to the story is... Knowing the issues BEFORE buying a property can make the difference between a quick and easy sale or a slow and tortuous ordeal. Do your due diligence.

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