E
emmysmom
Guest
What is the name of your state?What is the name of your state?What is the name of your state? Oklahoma
Hello, I just found this website and am hoping someone can help me. I am not a professional real estate investor. My husband and I have found a home that we would like to purchase at a real estate foreclosure auction. We have been doing research about this process, but still have some unanswered questions. I am hoping someone here might be able to help me.
1) If we are the top bidder at the auction, what liens against the property are we responsible for once we have purchased it? We know that there are $2300 in back property taxes owed for 2003; a secondary mortgage; a mechanical lien. Do the secondary liens go away when it is purchased and the tax liens remain for you to be responsible for? That seems to be how the state statutes read, but I want to be sure. I have heard also that you are responsible for all liens when you purchase it, but that doesn't seem to be what the statutes say.
2) We have been told that we cannot inspect the property, so is there any way that we can get financing to buy the house at auction? Do banks do something like 90 day loans until we are able to put a mortgage on the property? Can you be pre-approved for a mortgage, put the 10% down and then have an inspection & close on the mortgage within the 10 day time frame? Our mortgage guy seemed to think this was possible if they could do an inspection of the property immediately after purchase, but the sherriff's office said we would not have access to the property until it was paid in full.
I know I probably seem like I'm in over my head, but we really want this house and think we might be able to get a great deal out of it. Any advice for a situation like this would be much appreciated. Thank you.
Hello, I just found this website and am hoping someone can help me. I am not a professional real estate investor. My husband and I have found a home that we would like to purchase at a real estate foreclosure auction. We have been doing research about this process, but still have some unanswered questions. I am hoping someone here might be able to help me.
1) If we are the top bidder at the auction, what liens against the property are we responsible for once we have purchased it? We know that there are $2300 in back property taxes owed for 2003; a secondary mortgage; a mechanical lien. Do the secondary liens go away when it is purchased and the tax liens remain for you to be responsible for? That seems to be how the state statutes read, but I want to be sure. I have heard also that you are responsible for all liens when you purchase it, but that doesn't seem to be what the statutes say.
2) We have been told that we cannot inspect the property, so is there any way that we can get financing to buy the house at auction? Do banks do something like 90 day loans until we are able to put a mortgage on the property? Can you be pre-approved for a mortgage, put the 10% down and then have an inspection & close on the mortgage within the 10 day time frame? Our mortgage guy seemed to think this was possible if they could do an inspection of the property immediately after purchase, but the sherriff's office said we would not have access to the property until it was paid in full.
I know I probably seem like I'm in over my head, but we really want this house and think we might be able to get a great deal out of it. Any advice for a situation like this would be much appreciated. Thank you.