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

[Tito Luna]

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.

[Wayne Brooks]

 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.