All Forum Posts by: Ambre Hurak

Just found out that the owner of a short sale I'm interested in owes $92,000 on the foreclosure. The house is appraised at $71,000, with an opening bid of $47,000 (some change). The bank is US Bank. I'm not feeling very hopeful now that we know the owed price. We don't want to spend more than $50,000 at auction since the resale is about $100,000. (FYI getting it at $50,000 in this county is feasible). I'd like to contact the bank to see if we can settle prior to auction. Is there a way to contact the bank prior to the auction to see about offering something to them? How does that work? Thank you!! recommended?

Thank you so much!

Do mechanic liens stay with a sheriff sale? If so, do they ever go away? Thanks! I'm in Ohio!

I can't thank you enough for the information, Aimee!  Question regarding what you said here:

"You can ask a title company to do a preliminary title search on the property, which could show tax, mechanics liens. If you actually win the bid and are in contract, the title company will do a full title search and when you close, the title company insured they are conveying you a clear title. Should something arise after the closing, it falls back on the title company to pay and clear up."

Is that how auctions work after the bid has been won?  You go into contract with the bank?  Then is it the title company of the current owners that it would fall back on?  What if they don't have title insurance?  Would we be responsible for any liens on the property?  

OR do you mean that we need to get title insurance while in contract to avoid liens?  

Thank you so very much!  Your expertise is very helpful!

Hello All!

My first post, but have marveled in the info you all have provided to me so far. I'm a teacher looking to purchase a house at our county sheriff's auction in 2 weeks (summer…).  I've been to a couple auctions already and got a good feel for how they are run, but I still have some uncertain questions.  I don't want to sink my savings into a flop!  These may be very "naive" questions so thanks for the patience with me!  Just as an overview: the house is in Ohio - Union Co.  It's been vacant for a year, according to records.  Appraised at $71,000.  Estimated resale at $120,000.  Hoping to walk away with the home at no more than a $55,000 bid.  (seems possible at these particular county auctions).  Questions:

1.) What happens directly after the bid?  The auction is over, then what?

2.) What will a title search specifically tell me?  I've done research on it (extensively), but there are still things I want to know.

3.) How do I know if there's a mechanic lien for improvements that were done? 

4.) How about an IRS tax lien?  I see on the auditor's website the property taxes are pain in full - does the bank pay them to keep them current?  

5.) Is it inappropriate to call the owners if I was able to find a number with their new address?  What questions would you ask?

My husband and I, along with MANY family members are general contractors/carpenters.  While I'm not worried about the "mechanics" of the home, I'm worried about the finances attached that I didn't find in my search and just the unknown of potential liens.  I'm a planner that has to have all bases covered to make the smart decision.  

Thanks for any help and advice you give this newbie!!  It's much appreciated.