Title Reading Tutorial

[Jack Forester]

Okay, so I found a property listed as "Bank Owned".  Trulia says it's listed by the bank, but Auction.com is auctioning it.  I'm trying to determine what might be left to pay after the auction.  It doesn't specify which bank is auctioning it.  Since it's listed by bank, does that mean it's actually clear of the liens?

Trulia info:

N/A	Listed By Bank	$25,000	This property was foreclosed and now the lender is selling it for$25,000. Trulia's Foreclosure Estimate predicts this property will sell for $105,936.
N/A	Foreclosed	The lender has taken ownership of this property through a foreclosure auction for the amount of . The lender may list it for sale as a foreclosure property in the future.
Foreclosure Auction	The owner of this property has been served a Notice of Sale and public records indicate this property is scheduled to be sold at a foreclosure auction. Auction date and location is unavailable. Please contact a foreclosure specialist for more information.
N/A	Home in Default	Unknown Past Due	The owner of this property has been served a Unknown Notice.
August 31, 2007	Previous Sale	$127,900	The property was sold for $127,900.

Auction.com Title Information:

Search Effective Date: December 30, 2015

This informational report has been prepared for the exclusive use of this client. This property report is not intended and should not be considered as any form of title guaranty or title insurance. Maximum liability for errors and omissions shall not exceed the fee paid for this property report.

Vesting Information:

Document type: Warranty Deed

Execution Date: August 28, 2007

Recording Date: August 31, 2007

Deed Book: 1140

Page: 963

Property Tax Information:

Parcel Identification Number: 123456789

Tax Year: 2015

Tax Amount: $1,658.98

Tax Status: Paid

Security Instrument:

Lender: MERS\Birmingham Bancorp Mortgage Corporation

Execution Date: January 23, 2009

Recording Date: February 09, 2009

Deed Book: 1205

Page: 1843

Loan amount: $129,089.00

Last transferred to: Ocwen Loan Servicing, recorded August 25, 2015, as recorded in Deed Book 1498, Page 1717, aforesaid records.

Lender: Secretary of Housing and Urban Development

Execution Date: November 12, 2010

Recording Date: January 04, 2011

Deed Book: 1287

Page: 2162

Loan amount: $34,224.18

Judgments and Liens:

Holder: Capital One Bank

Dated: February 18, 2008

Lien Book: 28

Page: 3224

Amount of lien: $3,767.00+

Bankruptcy Information:

No open bankruptcies found.

Miscellaneous Information:

None found of record.

Legal Description:

Yada,yada,yada

[Rich Baer]

@Jack Forester

     Jack,

         I have bought numerous properties from on-line auctions. There is nothing you need to do as the Buyer to examine the title before the auction. If you win, you will have your Attorney or Title Company examine the title to confirm it is clear of any problems. That is all you need to do. If there is a problem you don't have to close on the property until the Seller clears up the issue. Good luck with the auction.

    P.S. The reserve price for Auction.com is notoriously high. They rarely lower it. All they do is re-auction it over and over again with a lower opening price. I would be happy to answer any additional questions you may have.