I wanted to know how house foreclosures worked. i am in the market of buying a house but i have no idea how this works i also wanted to know how tax leans works on house also if you have a sight or someone to explain it to me it would be nice
Thank you
2007-01-13 07:46:46 · 4 answers · asked by mary_llinas 2 in Business & Finance ➔ Renting & Real Estate
When buying a foreclosed property, or ANY property, you should have a title search done and have title insurance. This is because if there are any liens on the property, you will be liable for the $ and can even have your property taken by the lienholder. A title search will show if the property is encumbered or is free and clear. That is really all you need to know. Talk to your mortgage broker.
2007-01-13 07:56:28 · answer #1 · answered by justbeingher 7 · 0⤊ 0⤋
Close but no weeeeoooo.
When you buy a house at a sheriff sale it is usually the first mortgage company foreclosing on the property. The second, third mortgage or anything recorded after the first mortgage should go to the sale to represent their interest by bidding on the property with a minimum bid covering their lien. If no one outbids the minimum bid then the mortgage holder or lien holder retains the property and sells it themselves.
A good place to start looking for foreclosures would be on HUD reposed homes. You can search their site for homes in the area you are interested in buying. You will have to contact a real estate professional who is registered to sell HUD homes to represent you. Their representation does not cost you anything.
Here is a free link to the HUD home list.
http://www.jennic-cityside.com/sitemap/index.cfm
I would be happy to find you a registered Realtor in your area for you if you are interested at no cost.
Michael
2007-01-13 09:43:13 · answer #2 · answered by Bestbank Real Estate 3 · 0⤊ 0⤋
Is the tax lien against you or against the person who owns the house you are buying? If against you - you can still get a mortgage when you buy as the lien by law on a home would go behind the mortgage. If the lien is on the person woning home you are buying it should be taken care of at the closing, check with the escrow co.
2007-01-13 07:55:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋
http://www.choicefinance.net/foreclosure-listings.htm
2007-01-14 14:06:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋