Posted by Ronald * Starr(in No CA) on September 10, 2002 at 16:22:32:
Lee–(WI)-----------
If you are considering investing in foreclosures, I suggest that you read my article on the topic in the “money making” section of the CREONLINE.COM website.
Good InvestingRon Starr*******
County sheriffs auction - Posted by lee
Posted by lee on September 10, 2002 at 13:51:17:
When you purchase realestate forclosed on by bank etc. and the sheriffs dept sells it to the highest bidder,are you left having to pay for more than back taxes,sewer bills? this is in wis.
I have talked to a few people in the know but not anyone who has really bought one.I take that back, I bid on one and asked the guy that bought it afew weeks later only to be told a sob story about all the extras tacked on.This was a fixer upper valued in the 70s sold for low 30s with 4000 in back taxes and a few hundred in sewer charges.
What are the facts,once processed thru court system do any of previous owners mistakes come back to bite me?
Thanx in advance
LEE
Re: County sheriffs auction - Posted by Irwin
Posted by Irwin on September 11, 2002 at 04:04:21:
IN THEORY, the purpose of a foreclosure sale is to provide clear and unencumbered title to the property the foreclosing lender. That is, clear title except as to liens, such as taxes, that have priority over the mortgage. Therefore, IN THEORY, if you overbid the lender at the sale, AND the lender’s attorney has done his/her job correctly, there shouldn’t be any “extras” i.e. unforeclosed liens that you might have to pay. This is not a Wisconsin legal opinion. You should check with a local lawyer.