Updated over 6 years ago on . Most recent reply
Estate Auction Questions
Hello All-I have questions about an upcoming auction that I plan to attend. The home is being auctioned for a woman who is living in a nursing home who has Alzheimer's. I went to visit the property a couple of days ago and the auctioneer disclosed that the home does have a mortgage on it for approximately $35,000. My question is, is there a way that I can verify that there truly is a lien of $35,000 against the property? Is it possible that the auctioneer is just telling me that the amount is $35,000 in order to get the bid up? The property is not worth $35,000, more so around $25,000. What happens if I put in a bid for $25,000? Would I still have to pay the remaining $10,000? I guess I really am trying to verify if what he is telling me is true or is a lie? Or is this public information that technically has to be disclosed? Any advice would be greatly appreciated as this is my very first auction that I will be attending. Thanks!