Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 6 years ago on . Most recent reply

User Stats

3
Posts
2
Votes
Tito Luna
  • New to Real Estate
  • American Canyon, CA
2
Votes |
3
Posts

Does the winning bidder at an auction have to pay Estimated Debt?

Tito Luna
  • New to Real Estate
  • American Canyon, CA
Posted

Hey this is my first post and it is a question: Is the winner of an auction responsible for the estimated debt on the property?

I have been looking on foreclosure sites such as auction.com and getforclosedhomes.com and I see two numbers. 1) opening bid and 2) estimated debt. The estimated debt is how much the current homeowner still owes on the property. So, will the winner of the auction for that property have to also pay the estimated debt?

I am seriously considering going to the courthouse steps to bid on a property but am concerned that a bank will go after me for the debt still owed on the property when I win the bid. I am hoping it doesn't work that way.

Most Popular Reply

User Stats

23,418
Posts
13,509
Votes
Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
13,509
Votes |
23,418
Posts
Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

 No.....whatever you bid, if accepted, clears that debt entirely from the property.  There may be however, other debts or senior liens that Remain with the property and will be a lien against your property.

The absolute best money you can spend would be $200-400 for an hour sit down with a local RE attorney familiar with foreclosures.  There is a lot that you just don’t know to ask about, plenty of traps for an uninformed buyer at auction.

Loading replies...