A foreclosure auction sale is held, high bidder gets ownership of the property, inferior liens are wiped out except tax liens.The trustee will bid in on your behalf the amount you are owed plus all fees; if no one bids higher you own the property.Since this is not a personal residence, you can also get a personal guarantee form the borrower and perfect it for any loss you incur on the property.

I believe the true value to be between 430k and 460k (the same model of home in inferior locations- near the train tracks) have sold for this much.

Consecutive events are inferior in nature with some exceptions such as RE taxes and IRS, etc.

It was really intended as a bit of a joke, not as something mean spirited.There are an awful lot of post on BP to the effect that older buildings cannot be profitable, that buildings and neighborhoods inevitably move down-market as they age, even that wood frame construction is always and everywhere deemed inferior to masonry construction.When in fact, that is all very local.  

That superiority  allows the tax lien to foreclose ALL inferior liens and interests.  

Overages from the lien foreclosure will apply in order of priority to all liens inferior to the foreclosing lien.  

Since the Deed of Trust (lien to secure mortgage) was filed for record first, then the July Deed transferring title to the trust is subject to and inferior to the Deed of Trust.

Liens junior or inferior to the Subject Lien will be given a right of redemption.

HD and Lowes are inferior quality to my local plumbing supply houses and very similar prices.

It is so inferior to the solo 401k that for the self-employed there is no debate.