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NEED HELP! Interested in Buying 1st Forclosure

Posted by Joe on January 15, 2002 at 8:52 PM

Hello,

I recently came across a legal notice in my local paper in regards to a forclosed property. The property is going to be auctioned on the county courthouse steps. The property is in NYC and the mortgage is $85,000. The property is a double lot with an abandoned single family home that appears to be in pretty bad shape. I plan on going to the courthouse to bid on the property.
Q: How do I check to see if there are any second mortgages or liens on the property?
Q: If my bid is accepted, what exactly do I need to bring with me to the courthouse?
Q: How much of a deposit will I need on the day of auction - or do I have to pay in full? Personal or certified check? Can I apply for and obtain a mortgage?

Any help would be greatly appreciated!


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