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Updated over 1 year ago on . Most recent reply

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5
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0
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Ravi Patel
  • Investor
  • carlisle pa
0
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5
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buyng at upset tax sale with mortgages of 30+ year old

Ravi Patel
  • Investor
  • carlisle pa
Posted

So im looking at an automotive garage in pa and Im the winning bidder, I did do a quick lien search and 2 mortgages did show up. The first for 58k which was issues in Oct of 1985 and the second in feb of 1989 for 40k. The city assesses the value at around 187k and Ive bid upto 50k to theres still plenty of equity left if i do indeed win. But my question is any amortization table would have cleared both of these mortgages because there 20+ year old. Also there wasnt any satisfaction pieces for these mortgages and the bank that issued the mortgages has been bought up by pnc. So im at a total loss here to see what my potential liability is if I do win and purchase this property. Normally for residential I run an amortization table and try to get within the nearest 10 thousand of a number and decide my bid. Any advice would be beneficial, the property itself seems to be operating smoothly, its occupied its an automotive garage with atleast 20 customer vehicles in the lot in an area that has plenty of discretionary income to support a business such as this.  

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