Thanks. I've also checked the fed tax liens and there were none.

I appreciate the other info - we've looked at pre-foreclosures, bank owned, and HUD. We just have very particular needs for location and acreage, and this one fits the bill best right now.

Jennifer,

Another good resource for finding foreclosure deals is HUD. You can finance a HUD foreclosure with an FHA loan and pay as little as $100 down!

You can find great deals on these type homes if your buying as an investor or a homeowner. I work with many investors and HUD's are all they buy!

Buying a HUD home is easy and it's in an auction style bid. You get a property condition report (inspection), In many cases a repair escrow is offered to make repairs to the home if needed, clear title, and good prices. Last week I won a bid for my client on a like new home that was listed for $153K for $126K and all it needed was new carpet! They even recieved 2K in closing costs and 2K for new carpet.

Give me a call if you are interested in finding out more about these homes and what is available in the area you are looking in.

James Dudley
ERA Sunrise Realty
678-781-7418
james.dudley@era.com

Most of my investor clients open a home equity line of credit on their own primary residence (assuming you have enough equity in it). This gives you an available credit line in the form of a checkbook. You don't actually pay anything or accrue interest until you write checks on it; but it's there approved and ready for you to write checks on if you need to. After the sale, you can contact a lender and finance it in a way that doesn't attach it to your own residence. With that said, it's often much easier, better, and safer to buy a listed foreclosure instead of on the court house steps.

Jennfer you said you found two liens . . those may have to be paid to get a clear title . HOA have a way of filing all new lien the day after the foreclosure. For equal to or great then the past lien

I've bought a few houses on the steps of the courthouse, but it is not an easy process. I spent months researching homes, legal descriptions, calling the attorneys, lining up the money, etc., before my first attempt at a foreclosure. It is time-consuming and lately it has become very competitive. It is imperative that you have the cash to purchase. In most cases a certified check is required the day of closing.

Talk to your banker and make sure you have the funds to proceed. Also, be sure you've checked for federal tax liens.

If you are interested in finding a "bargain", you might do just as well to look at pre-market foreclosures or homes that have become stale on the market. Sometimes you'll find a better value by being able to negotiate than competing with others at the courthouse steps.

Good luck!

We paid someone to do a title search on it and found two liens.

Jennifer,
Eric is correct on this matter. If you are not an experienced courthouse step shopper (so to speak) and have not done this before, it can in fact turn into your biggest nightmare.
best of luck.

''Most people have the impression that if they buy a property at a foreclosure sale they're going to get the deal of a lifetime. But the big windfalls are few and far between. And they always involve a certain element of risk.'' You may have to pay off back taxs and other liens on the property before you take title.
Buying at the courthouse steps without doing a full due dilligence is HIGH RISK and in todays market in most cases the Risk out ways the short term rewards.