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Updated over 9 years ago,
First Auction House - Teacher Needs advice!
Hello All!
My first post, but have marveled in the info you all have provided to me so far. I'm a teacher looking to purchase a house at our county sheriff's auction in 2 weeks (summer…). I've been to a couple auctions already and got a good feel for how they are run, but I still have some uncertain questions. I don't want to sink my savings into a flop! These may be very "naive" questions so thanks for the patience with me! Just as an overview: the house is in Ohio - Union Co. It's been vacant for a year, according to records. Appraised at $71,000. Estimated resale at $120,000. Hoping to walk away with the home at no more than a $55,000 bid. (seems possible at these particular county auctions). Questions:
1.) What happens directly after the bid? The auction is over, then what?
2.) What will a title search specifically tell me? I've done research on it (extensively), but there are still things I want to know.
3.) How do I know if there's a mechanic lien for improvements that were done?
4.) How about an IRS tax lien? I see on the auditor's website the property taxes are pain in full - does the bank pay them to keep them current?
5.) Is it inappropriate to call the owners if I was able to find a number with their new address? What questions would you ask?
My husband and I, along with MANY family members are general contractors/carpenters. While I'm not worried about the "mechanics" of the home, I'm worried about the finances attached that I didn't find in my search and just the unknown of potential liens. I'm a planner that has to have all bases covered to make the smart decision.
Thanks for any help and advice you give this newbie!! It's much appreciated.