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Some realtor on another thread mentioned that foreclosures might come with liens which the previous seller

didn't clear. What are these liens that could come with a foreclosure? Also, if the past owner didn't pay property taxes are the new owners responsible for that?
Sun May 11 2008, 08:42 - 21128 - Home Buying - 4 answers
 
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Chandler
Home Buyer
in Maryland
Chandler, Home Buyer in Maryland in Maryland
Answers (4)
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Mansur Hasib… was FIRST TO ANSWER Kelly Willey received BEST ANSWER
Thanks for the replies guys

All of you made similar point about getting a good title company and buying the title insurance. However, I chose Kelly's answer as she also mentioned the property taxes part of my question.

Mon May 12 2008, 06:38
 
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BEST ANSWER
I have personally purchased a number of foreclosure properties over the years. I always use a first class title company to examine all title issues and always buy the title insurance. It is pricey but like all other insurance well worth the price if you actually need to use it. The property taxes must be made current to convey the title and you will pay them from the closing date forward. Good luck!!! And, keep asking those questions!!!

Sun May 11 2008, 13:04
 
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If the property actually went through foreclosure, it wipes out all junior leins, except IRS leins - if it is a pre foreclosure property, you do need to have a careful title search done, and always buy title insurance (I hate the high price, because of the commissions they pay).

Good Luck!

Bill Wootan

Sun May 11 2008, 10:49
Web Reference: http://www.billwootan.com
 
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FIRST ANSWER
Buyers have the right to select a title company. Typically a title company's role is to ensure that all parties are protected and all liens and property taxes are paid off and clear insurable title is conveyed to the buyer. You need to discuss these issues with the title company that you select -- ask lots of questions and make sure you are clear about the answers.

Sun May 11 2008, 09:10
Web Reference: http://www.buymeahome.net
 
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