Is the buyer responsible for judgment amounts when the home has been foreclosed on?

Asked by Kallie, Manahawkin, NJ Mon Aug 3, 2009

I noticed on realtytrac that many homes about to go to auction have "judgment amounts." If a buyer wins a home at auction that has a judgment amount, is the buyer responsible for that amount?

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Robert Suarez’s answer
Robert Suarez, Agent, Toms River, NJ
Fri Aug 6, 2010
In a regular real estate transaction (short sale , R.E.O or a traditional sale etc) the seller must provide a free and clear title. This is not required in Auctions. So in a auction you may or may not buy a house with judgments And as the owner of the property you would then be responsible to clear those Judgements .
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Laura Gianno…, Agent, Manahawkin, NJ
Mon Aug 3, 2009
If your purchase a property at auction you must satisfy the liens against it. If you buy a foreclosure property, owned by the bank, they will provide you with clear title or you can walk away from the deal.

I live and work in Manahawkin, and there are many foreclosure properties available. Please contact me for a full list.

Laura Giannotta
Keller Williams Atlantic Shore
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Marc J Willi…, Agent, Whiting, NJ
Mon Aug 3, 2009
Kallie- this is a legal question and a lawyer is your best bet to answer this.
However as a broker I did work on closing over 1000 foreclosed properties in several states. The property should be free and clear of liens after the action. If it was not done properly you could have liens that pop up. If you received title insurance when it was purchased you may have some protection. I work in the area - if I can help you let me know.
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