Will there be monthly payments? would I have to qualify for a bank loan? I am asking because I recently became disabled and I can't for the life of me remember what I learned in business college.
2007-10-18 06:52:30 · 3 answers · asked by mrswatson 1 in Business & Finance ➔ Renting & Real Estate
you might have back taxes, back mortgage payments, and with a house priced that low - there may be massive structural defects with the house that would cost a fortune to fix
2007-10-18 09:10:56 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No it's not...since you are buying it outright....no payments monthly, but, you have a Bidders Fee usually about 10%, I would think there would be closing costs to finalize the deal. I do know that you have to pay the Bidders Fee for sure....And you generally have to have cash in hand, or a Cashiers Check for them to issue you an Auction card to allow you to bid. Most of this can be taken care of ahead of the auction.
Good Luck
2007-10-18 14:04:39 · answer #2 · answered by Toffy 6 · 2⤊ 0⤋
Oh my, NO. There's something wrong with this picture. I cannot imagine getting a house for $3500. I advise further checking into what you may be purchasing. You MIGHT be buying a property along with any legal liens currently attached to it. Inquire of a title insurance firm to see if they will run a title search on the property so you are aware of any potential financial encumbrance.
2007-10-18 14:04:15 · answer #3 · answered by acermill 7 · 3⤊ 0⤋