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Updated almost 9 years ago on . Most recent reply

User Stats

37
Posts
13
Votes
Sonya Antrobus
  • Investor
  • Falmouth, KY
13
Votes |
37
Posts

USDA foreclosure - legal jargon translation needed

Sonya Antrobus
  • Investor
  • Falmouth, KY
Posted

Consider this excerpt from the legal notice I pulled from our local paper (I left out the pieces that are easily understood like 10% cash due at sale, etc ):

What does this mean to me?  Does the winning bid tack on all the escrow, late and other charges or are they included in the winning bid?

Does the jargon under the terms of sale indicate a clean title?  I still planned on having a title search done.  I was just a bit scared by the two-thirds of appraised value statement.  Because they posted a minimum bid amount, does this assure me the two-thirds rule is satisfied?

Any and all help will be greatly appreciated! 

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