You or any other bidder will most likely need cash (cashier's check) to purchase the property at auction.Now the IRS lien will carry over if the first hasn't given proper notification to the IRS.

Just take the time to properly research any foreclosure property.

It seems to me that it would be worth the difference between the value of the house and the balance of the mortgage(s).Originally posted by "Ohio Realtor": By the way I would be willing to give a quit claim deed to the capitol building if anyone would like to buy it cheap.

Also, if the buyer has a buyer's agent who does their job properly, they'll be notified of what the seller and their agent are trying to do.But on the whole, I think the good points out weight the bad and I think I may try this on a seller's listing.

If you start going into facts you know about such as the mortgage balance, etc.

If I could see step by step the route I need to take (or at least all the "ingredients" like securing finances, tenants, and getting proper documentation) I'd be much more comfortable taking my first step.

Not to my knowledge, unless the mortgage balance(s) exceed anticpated proceeds from sale... then you would mortgagee preforeclosure short sale approval.

Hi I am a Mortgage Specialist and this is the only loan I have ever came across that is sticking it to me...I can't find someone to finance this deal and I know it's going to be hard but I don't want to give up.SFR-Refinance Cash-Out in NJ513 Mid1x120 MortgageStatedAppraised value=$520,000Current Balance=$405,000Needs $20,000 CashPlus must pay off current lates= around $16,000Basically with all fees and cash and paying off current late payments new loan amount needs to be $447,000 and that works out to around 87% LTV can anyone do this???

I balance this out with my personal coaching on getting their credit in shape.

Check the filters and see that they are promptly replaced if dirty and tenants are notified they are not maintaining the equipment properly.