All Forum Posts by: Mai H.

Hey Everybody!

Long time reader, first time poster. I came across an auction property for my local court house but I've never bought an auction property before. Hoping someone can help. Secondly I don't have any experience buying condos.

1) Would anybody know if county sales/sheriff sales have closing cost or buyer's premium cost like Auction.com and if so, how much are they typically? I live in Minnesota if that helps.

2) For the auction, I found out it is cash only. For large cash amounts I plan on doing certified checks. My question is, who do I make the check out to? Is it the county or the attorney / firm representing the mortgage company? If it is a law firm, how do I know which law firm? 

3) If there is a second mortgage on the property and possibly an association lien (I am trying out if there is one since the the county recorder's Certificate of Title show's both a association document for foreclosure and a mortgage doc filing for foreclosure), would they also be at the auction to bid as well?  I want to make sure I'm not bidding against the law firm appointee on the second mortgage lien or any judgement liens and am bidding on the first lien if that makes sense. How do I make sure it is the first lien? 

Anything would greatly help! 

Mai

Hey Everybody!

Long time reader, first time poster. I came across an auction property for my local court house but I've never bought an auction property before. Hoping someone can help. Secondly I don't have any experience buying condos. 

It is a condo property and I found out that there is a first mortgage for 229k and second mortgage for 60k. The building is fairly new 2006 and there's only been one owner. 

First off, I am not sure if the association is foreclosing on the property or if the mortgage company is foreclosing on this property. I got a certificate of title from the county recorder and there is a snipet in there with the following dates & year associated with the filing: 

2016                       " xxx Association appoints YYY Law & Associates as their attoneys-in-fact and proceeds to foreclose document no.12033433" 

2017                        " ZZZ Mortgage appoints ABC & Associates as their attorney-in-fact and proceeds to foreclose doc 34243433"

Here's my question:  

1) How can I find out if there's a lien from the association and how much is it?  Even if I win the bid at the auction, would I now be responsible for this lien once redemption period is over?

2) There are two loans on the title for the same date and time. How can I make sure that the auction is going to be for the first mortgage and not the second? Not sure if this is a stupid question but how do I know who the law firm/attorney on the day of auction represents (not like they announce who they are and their client). 

Anything would greatly help! For what its worth the property is in Minnesota.

Mai