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Thursday, March 4, 2010 - Buying a Grow OP

Many people believe buying a former grow op is a risky transaction. It really depends on the purpose you are buying the property for. Most grow ops are also foreclosures so the transaction has some delicate handling required. Purchases such as these are sold on an as is where is basis, in essence buyer beware!
In order to fulfill the obligations of the real estate contract, make sure you are satisfied with the Health Regions remediation report, and that you can obtain insurance for the subject property prior to making an offer.
Did you know that when a home is under quarantine due to a grow op being present there is also a lien placed on the property thus freezing it from being able to transfer title.  The health authority order is in place until such time as the property is remedied and inspected.
Grow ops can be good investments however if you are planning on renovating and selling the property, you will restrict the potential buyers out there due to the stigma attached to the property.
 

posted in General at Thu, 04 Mar 2010 17:18:09 -0700

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