Home Buying in Durham County>Question Details

Durham, Home Buyer in Durham, NC

Durham County NC

Asked by Durham, Durham, NC Wed Apr 9, 2008

I am interesting in buying foreclosure in Durham,Raleigh area.
Does any one know the process use when buying a foreclosure property via the Durham county


For example,
1. will the bidder own the property free and clear ?
2. Are bidder still responsible for loan remaining in the property ?
3. how does the bidder pay at auction, cash, check ?


Help the community by answering this question:


Durham, the answer is yes you will own the property as far as free and clear it is going to depend on the liens that were on the property to begin with. Generally you will not be responsible for past loans they do not transfer with the property. Taxes and some UCC liens might though. You will need guaranteed funds for the auction a letter from you bank will do sometimes. If it is up for auction they will have the guidelines already spelled out for you.
1 vote Thank Flag Link Wed Apr 9, 2008
A lien on the property is just like if you take a loan out. Of course property taxes are placed as liens and for example say if someone worked on the home and did not get paid for the work they could file for a judgement and the court could place a lien on the property for the settlement.
Some liens will transfer with the property others will not. Basically it really depends on what that person owed and what it was for as to whether any of the debt transfered or not.
If you like just give email me and I can get the information on the home you are interested in and let me start digging. It will take me a little while to dig up what information is available on the home.

Larry Story
Coldwell Banker Triad
0 votes Thank Flag Link Thu Apr 10, 2008
Can you give more information what does a lien mean against a property ?
Who will put the lien ? Who is responsible for paying the lien after a property is sold.

0 votes Thank Flag Link Thu Apr 10, 2008
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