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Updated about 8 years ago on . Most recent reply
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Buying at Auction ? on how to check for liens and 2nd mortgages
Hi guys a Im hoping to get some input on buying a property. Its close by to me, bank owned and up for bid on an online auction. I have never purchased a property at Auction before.
I have researched this property and know how much I am willing to bid based on what I think its value is and how much profit I want to gain from it.
The thing I'm not sure how to properly research before making my first bid is if there are any Liens or 2nd mortgages on the property. I went to check the county records but can't find any information free without paying a fee from $10-$100.
I also Emailed the Agent listing the property and asked a few questions regarding the property and he answered stating it did not have any Liens or 2nd mortgages on it but I don't want to risk my money on his word alone.
I'm more then willing to pay the fee to make sure there is not hidden Liens or anything but I'm wondering if there are any other sources I can use to research for information on the Deed.
any inout would be great thanks
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- Real Estate Professional
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Read the online auction terms. Almost all REO auctions offer clear title and title insurance. You can pay a local title co. for a title search/commitment in advance if you wish, $100-200.