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Updated over 7 years ago on . Most recent reply

User Stats

9
Posts
6
Votes
Phillip Roy
  • Investor
  • Spokane, WA
6
Votes |
9
Posts

Understanding Debt on auction.com properties

Phillip Roy
  • Investor
  • Spokane, WA
Posted
I'm reviewing auction deals on auction.com attempting to understand exactly what it is I would be buying. Particularly in regards to "total estimated debt." I've done some searches on the internet and seen inconsistent answers. Some people seem to indicate that the properties are sold subject to the debt others indicate that the debt is cleared at the time of sale. So, my question is which is it. Here's a specific example of how a property is listed. Starting Bid: $65,000 Total estimated debt (unpaid balance plus fees): $89,775. I've also noticed the auctions on auction.com appear to take different forms (online auctions, courthouse auctions,etc.). The site itself is not clear on whether properties are subject to existing debt and/or whether or not the different types of auctions change this. Thanks for the help!

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