Foreclosures
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 2 years ago,
Pennsylvania Tax upset sale -Excess proceeds question
If I purchase a property in PA at upset tax sale and there is an existing mortgage does it get paid off from the excess proceeds? Or do the excess proceeds go to the prior owner?
for example.. Upset price is $10,000 and they have a $100,000 mortgage and say $10k other misc lein.
and I buy the property at upset for $150,000 .. Would the $100,000 mortgage be paid off by the tax claim bureau with the $140k excess proceeds or would I be responsible for it even though the excess proceeds exceeded the mortgage and $10k misc. Lein?
Thanks
@David Krulac Maybe could know? (Just ordered your book but it won't be here in time to help for the auction tomorrow)