Financing in Casa Grande>Question Details

Darose16, Home Buyer in Casa Grande, AZ

If a home is auctioned off does this mean it has a clear deed?

Asked by Darose16, Casa Grande, AZ Tue Mar 1, 2011

A guy is selling a home he says he got on an auction. He will not go through a title company, only wants cash. It sounds fishy...My lawyer says there are Red flags every where/. In order to auction off a home does it need to be clear aof all leans against the home? I don't want to buy and then have a lean against it.. Help.

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Answers

6
Hi Darose,

Usually when a home goes through the foreclosure process in Arizona all liens against it are extinguished. Of course, more can accrue after the foreclosure has occurred, from mechanics' liens to tax liens, HOA liens and so on. It is not clear whether your seller bought the home at an auction of bulk foreclosed homes (such as an REDC auction - http://www.auction.com) or on the courthouse steps at Trustee's sale (when the bank forecloses), or something else.

How did you find this home? Do you have any agent representing you? I'd certainly agree that there are some red flags with this home, and I wouldn't consider proceeding without a title search and title insurance paid for by the seller.

Hope this helps.

Emma Beyer
RE/MAX Casa Grande Yost Realty
Web Reference: http://www.yosthomes.com
0 votes Thank Flag Link Tue Aug 23, 2011
Hi Darose16

If it smells like a fish, then it is a fish, when your lawyer even
warns you. Aren't you paying your lawyer to do the right thing for you.

Good luck.
Perry
0 votes Thank Flag Link Tue Mar 1, 2011
Even in the best of circumstances there can be issues on title. It's possible that a previous title company has erred or there could be city liens, tax liens, etc that have are still attached to the home, even with foreclosure. Insist on having title work done, insist on being allowed to buy title insurance or walk away.
0 votes Thank Flag Link Tue Mar 1, 2011
I buy foreclosures in Delaware and always do research on the title. I fix them up and resell them and title has to be clean for the new owners to take ownerhsip. Cash has no trail - if you have an attorney advising you means you know in your gut those Red Flags are real. Good Luck.

Steve Morgan
Fairfax Mortgage Investments
0 votes Thank Flag Link Tue Mar 1, 2011
Darose,

Best listen to your attorney.....there are multiple "red flags" that should encourage you to steer clear of this type of opportunity.

Our recommendation....go with your attorneys information and continue looking1

Bill
0 votes Thank Flag Link Tue Mar 1, 2011
WOW. sounds like a scam... for fact all real estate must go through a title company transfer the property in your name! and update in county records.

I be concerned if you should contact the Police for potential fraud alert

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Tue Mar 1, 2011
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