That said, foreclosure homes are a bit of a rough sell. In many cases, the homes have had no maintenance done on them all throughout default, and in some cases, the original owners are still living in them and need to be formally evicted, or it can take months for you to actually get the title in hand. Unless you are an experienced flipper or contractor, I would recommend going with a short sale or REO property instead: it may be more money upfront, but you'll spend less on repairs and headaches after the fact.
Check out my blog on the different types of low-cost foreclosure-type home buying situations:
Property is being offered as is, where is
â€¢ Buyer is responsible for all costs associated with purchase
â€¢ Buyer will receive a Quit Claim Deed
â€¢ NO TITLE INSURANCE OFFERED AT CLOSING
We suggest that you come in personally. You will start in the Property Assessor's office. You can obtain the owner's name and deed reference there. Then you can come into our office and you can look up the history on the property. It is public record. We are located in the Administrative Complex at 1320 West Main Street, Ste 201, Franklin TN 37064. The Assessor's office is on the 3rd floor. (One floor above us). Thank you,
Register of Deeds Office
With all due respect you are wrong - if the first mortgage forecloses junior lienholders are invalidated. I use the term junior becasue even though taxes come AFTER the foreclosing deed of trust they are NOT junior lien holders.
I speak from experience of buying foreclosures on the court house steps right here in Williamson County, TN.
Your answer is mroe reflective of what MIGHT happen in a short sale where a junior lienholder can refuse an amount they are offered "short".
When buying AT the foreclosure auction there is no financing, no title insurance, no warrantability, no inspections - zero - it is very much buyer beware and yes they want your cash straight away.
The price listed is the starting bid, there will most likely be a reserve price set at fair market value for the distressed properties.
There is a 5% buyers premium so add that amount in cash also to your high bid. States occupied but I have seen this same site be in error on that before.
All the best!
EXIT REALTY OF THE SOUTH
BEWARE - there is a second lien that *might* be trying to foreclose after the fact - it won't happen (just my $0.02 of an opinion).
That's a big one - is the first mortgage foreclosing?
Additionally is there a federal tax lien - these don't go away either.
You will benefit by conducting a full title search at the register of deeds for this property.
Finally - cash means cash - you'll be expected to submit 100% of the winning bid within hours of winning the auction - NOT time to line up financing.