Foreclosure

[Mark M.]

A family member is planning on partnering with us to bid on a foreclosure.

In the paper:
"Whereas, the property being foreclosed upon may be subject to other liens and encumbrances that will not be extinguished at the sale. Any prospective purchaser should research the status of title before submitting a bid".

The first lien is foreclosing. There is a 2nd lien recorded and I understand it will be extinguished upon foreclosure. What other "liens and encumbrances" must I be cautious of before bidding on this property? I have viewed a preliminary title commitment (several months old) and it didn't state any other liens or info (except taxes for previous year haven't been paid).

Thank you!