New Property: What am I missing?

[Thea Linkfield]

Hi BP! I recently bought my second flip through the Duval RealForeclose website in Jacksonville, FL. I did the title search and it appeared clean, and managed to purchase the property with cash in the foreclosure sale, with basically no competition.

It's been almost 2 weeks with the title and we've already gutted the place completely. This will turn out to be a great deal, even with a complete rehab.

My worry is, what if I missed something on the title search (I did it myself with guidance from a mentor who buys foreclosures all the time)? Can anyone who buys foreclosures with liens on them tell me how they got charged with the lien and at what point? I'm worried this deal is too good to be true, and that at some point someone is going to place a paper on the door saying I owe like $50,000. Tips from anyone who buys from foreclosure auctions and has had experience with other liens on the property would be very helpful.

Thanks!

[Sriv Nava]

Instead of worrying that "someone is going to place a paper on the door saying I owe like $50,000", why don't you hire an atorney to do a Title Opinion (in NC it costs about $250-$350) which should give you a definitive answer.  Since it "will turn out to be a great deal, even with a complete rehab", the small amount of money spent on Title Opinion will give you  peace of mind and you can sleep better ;-)