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Updated about 7 years ago,
Buying Civil Judgment at Sheriff Auction Dallas, Texas
Hi guys,
I'm new to the BP. been to the sheriff auction in Dallas few times and bought couple of properties through the sheriff sale (the ones behind their taxes - most of the cases start with TX-)
I have seen some cases were won through civil court being sold through the sheriff and im kinda confused a bit in this regard.
my questions are:
1-I have seen By Virtue of order of sale and By Virtue of writ of execution what is the difference between them if I win at the auction?
2-In the civil judgments I see (company name vs individual) like the company sued the home owner and trying to collect their debit through judgment at the court then won the case and got the court order to the sheriff/constables to levy and sell at the sheriff auction. (what happens if I buy this kind of judgment? will i get the deed? am I responsible on the all other liens-mortgages?)
3-Lets say I bought one of these judgments and I know there is no mortgage or liens on the property will I be the owner directly or is there any other steps i need to do I heard that I need to close in 30 days or so which i have no idea about.
4-Lets say I bought one that has a 1st mortgage and Im liable for it...what should I do I mean whats the next step after wining the bid at the auction.
5- Another Scenario: a company suing and owner and won the judgment for 550k (the owner has 2 properties one of them is a land that worth around 80k in the market and the other is a house that worth about 600k) the sheriff is selling the land only at the auction not the house, what happens if I win the bid will I just get the land and the company suing the owner will go after the house that hasn't been scheduled for sale yet to satisfy the rest of the judgment? or will I be liable for the whole 550k?
Any advice or a piece of info would help.
Thanks alot