Bought my first Foreclosure..Now what?

[Jason Green]

Bought my first foreclosure and I got alot of experience in the process. It was also my first auction. Turned out I did one of those $100 internet title searches and it showed a mortgage for 65k. Well, I get there and the mortgage we were buying was with someone totally different for 84k. Turns out the internet search I used showed the second mortgage as the only loan. Anyway, I want someone who has knowledge in this area to reassure me that im ok. We bought the senior lean for one. The second mortgage can be redeemed but they would have to buy ours as well, right? Also, Alabama has a 1 year right of redemption(tenants are out, divorced and not interested in the house at all) do I have to wait a year before I sell it or rent it? The power never got turned off, am I responsible for the utility bills. Any advice on the steps to take to insure my 84k investment is safe would be great. This is my first one and I already have someone wanting to rent it for $700/mo. Any and all advice is welcome. I read that if it was occupied that the person can live in it during the right of redemption free, then my lawyer said no, they have to be out in ten days from sale or they forfeit any redemption rights. Like I said, alot of info out there, I just need the right info.