submitting a bid to purchase a foreclosure. - Posted by Jaye Maikol
Posted by Jaye Maikol on July 16, 2002 at 08:27:53:
My boyfriend and I have read almost every article in this newsgroup and I would first like to say Thank you - There is a wealth of knowlege here and you guys are AWESOME!!!
We are so excited about entering into the world of real estate investing we find that there’s not enough time in the day to read everything we need to know - But we are doing our homework.
We found our first home, it’s on a decent street where the values of most of the homes are $60,000 - 90,000. This house definately needs work!! I have taken a few contractors to the home and after estimating repairs, this home will need about $30,000 worth of work done - if it’s less, then that’s better for us.
The bank has the home on the market for $40,000, however we are submitting our bid for $5000.00 - my boyfriend wanted to be really aggressive about it and ask the bank to pay US to take the home off their hands - but after we thought about it, we figure that they need to recoup their foreclosure costs/fees so we figure our bid will be $5,000. The home has been sitting for a long time and no one has put a bid on it - I’m assuming, due to the repairs that need to take place.
My first question is, if the bank accepts our offer, are we liable for any liens on this property? and if so, how do I find out their amounts and what type of liens they are?
I’m going to the court house today and research their tax numbers - which would tell us about any outstanding taxes, however I’m not sure how to find out about other existing liens.
Thanks for any help you can provide.
Jaye & Maikol