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Updated over 9 years ago on . Most recent reply

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Ambre Hurak
  • Investor
  • Columbus, OH
0
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5
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First Auction House - Teacher Needs advice!

Ambre Hurak
  • Investor
  • Columbus, OH
Posted

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. 

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