Foreclosure Newbie Needs Help

[Chris S.]

So i have my eye on a property that has foreclosed and is going to auction next week. I visited the home, and it appears abandoned. The last owner purchased in 2000 for 325K, but i checked records and it appears that they refinanced in 2006 for a loan amt of 395.5K.

My questions are:

1. IS the 395.5K (or the amt it has reached due to reduced principal over the last three years) typically the starting bid on the home?
2. How can i get into to see the home? I asked the lawyer representing the bank and they said they aren't allowing people in. Anyone have some methods they might use?
3. How do i check for liens against the home? The lawyer also told me that starting bid and junior liens are announced at the time of auction.
4. Will a normal bank provide a loan for a foreclosure purchase? Or will i need to find a different lender?

[Jon Holdman]

Since you're new to this game, you should ask a title company to do it, or pay them to do it. Its not junior liens you're worried about, its senior ones. You especially want to know if this is the first mortgage foreclosing or a second. You want to know if there are tax or water liens on the house. If you buy it, any junior liens will get wiped out, though they may have some redemption rights (they do here in CO). Senior liens will become your problem.