All Forum Posts by: Autumn Hutchinson

It's a mortgage lien...or at least that is what the auctioneer is stating 

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!

Hello BP community!! My husband and I met with our CPA for the first time today and she dropped a bomb that blew us away. She informed us that because we have a combined income of 150K+, all of our repairs, reno costs, etc that we did last year on out first purchase  will not help us this year since our W2 income is so high and their was no income yet from the rental property. She said that we will have to wait until we start showing a positive balance sheet in the business. Is this true?? We never knew this was a thing. Please help!! Any guidance is greatly appreciated. Thanks!