All Forum Posts by: Marcos Defex

Ok, how ' bout this situation. The county's website is showing a property going to foreclosure with a loan balance of 119k. Zillow has this prop appraised at 164k. So about a 33% equity position. The 119k loan was recorded as a deed of trust on 12/22/04 as a conventional 5.5% adjustable loan. Am I safe to assume that this loan is a first? The clerk and recorder had lots of confusing info on this prop. If it is a first what happens to to the 2nd loan, tax liens, mechanics lien etc (if any)? Is it worth to hite a title company just to make sure that there is only one loan against the prop? I live in CO.

Ok, how ' bout this situation. The county's website is showing a property going to foreclosure with a loan balance of 119k. Zillow has this prop appraised at 164k. So about a 33% equity position. The 119k loan was recorded as a deed of trust on 12/22/04 as a conventional 5.5% adjustable loan. Am I safe to assume that this loan is a first? The clerk and recorder had lots of confusing info on this prop. If it is a first what happens to to the 2nd loan, tax liens, mechanics lien etc (if any)? Is it worth to hite a title company just to make sure that there is only one loan against the prop? I live in CO.

speaking of inspections, does the bank allow for inspections before putting together an offer sheet? and prohabber, what do you mean by "They will also not allow you to turn on the utilities for further inspection - take it AS-IS or go away" Will the inspector have to guess about electrical, plumbing, etc. Thanks for your reply.

How does one purchase a tax lien?
Do you negotiate price, and how do you unload the lien? :

If an investor purchases a foreclosure at the county auction, what happens to any IRS tax, mechanic liens, 2nd mortgages, lines of credit etc. that are secondary the loan being foreclosed? Also, how does one find out if the loan being foreclosed on is a primary or seconday loan on the prop? Just stroll into the county recorder with the grantor's name and the address being foreclosed on? ty for your response :mrgreen: