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Can be a daunting undertaking...

Posted by Ward-CA- on November 29, 2003 at 9:31 PM

In Reply to: Forclosure auction posted by Michelle on November 29, 2003 at 12:18 AM

: A house in my neighborhood is going to be auctioned at the County courthouse in 2 weeks. I don't have the slightest idea how to go about purchasing it, but I do have enough cash to do it.

: What can I expect? How do I find out if there are any liens on the property? Will I be expected to pay them if I purchase the house? What other surprises can possibly come up?

: Thanks in advance for your help.
===============

Michelle,

At the time of foreclosure the foreclosing lien extinguishes itself and wipes off the title of the property all those liens and interests that are junior to the foreclosing lien.

A junior lien or interest is one that was recorded at the county recorder’s office more recently in time than the foreclosing lien. Whatever was recorded earlier than the foreclosing lien will remain intact against the title of the property after the foreclosure sale.

If you’re the wining bidder you will have to bring the remaining senior liens’ back payments current and then continue to pay them each month. You will also have to get your fire and liability insurance policy in place.

Real property taxes are the most senior lien, so you will have to call your tax collector to determine what the unpaid property taxes amount to.

A title record search of the title of the property will have to be conducted at the county recorder’s office to determine all the liens and interests that are against the title of the property and their relative priority to each other.

If you don’t know how to do such a title search yourself you’ll have to hire someone competent enough to do it for you, or have a title company prepare a title report for you. A title report will cost you about $200 to $300 dollars.

Two more things you’ll have to contend with. One is getting either the ex-owners or ex-tenants out of the property. Once that’s done you will have to arrange to fix up the property for your own occupation or resale.

Vacating and rehabbing the property can be daunting tasks that can take a lot of time and money.

Hope this helps.


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