Courthouse Newbie

[Angie B.]

My husband and I have bought 11 properties over the last ten years, mostly bank-owned, HUD, Fannie or Freddie properties. We are interested in learning more about buying off the courthouse steps, specifically in Kansas City North - Clay & Platte counties. We are going to go to a local courthouse auction this Friday to get an idea of what it looks like before we're ready to bid. I know you have to be a cash buyer and do your research in advance to know what liens are on the property, because you are responsible for the those liens, correct? Even the first and second mortgages? You have to completely pay those off, yes? Do you usually pay for title searches on properties or do them yourselves? Our recorder's office recently allowed that information to go online if you fill out the necessary form, but I'm not sure what everything means? I would love to have a "cheat sheet" of what all of the various deeds and other lien language mean.

Any other courthouse bidding tips or warnings?