In looking at properties on one of the popular property aggregator sites, I've seen some transactions labeled as being "insured non-residential grant deeds." This is usually accompanied by a sale at a price obscenely low compared to prevailing market rates (an 80% reduction in price in some cases).
Part of me thinks these are cases where the cost of repairs exceeds the value of the home, but some of these are $500k houses being sold for $50k-- the "non-residential" clause and fire-sale pricing makes me think these are meth lab cleanups or asbestos/mold remediation projects just one step away from condemnation.
I just can't find a straight answer (any answers, really).
Anybody else have any insight into what this term actually means?