Timeline for If I buy a foreclosure at courthouse auction, am I in any way responsible for debt on the property?
Current License: CC BY-SA 3.0
11 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| Jan 31, 2017 at 13:04 | comment | added | user379468 | It appears that there are no unpaid taxes and the the one who initiated the forclosure was Bank of America. It's unclear how many of the former mortgage and loans were paid | |
| Jan 20, 2017 at 15:02 | comment | added | supercat | @DavidSchwartz: True, banks aren't the only entities that can use property liens to force a foreclosure, but my point remains that the entity forcing a foreclosure will usually be better off than the person whose property is being foreclosed. Further, in the case of a government seller, I would suggest that governments rely upon the principle that their actions can be presumed legitimate. A lienholder whose property is sold by a government may be entitled to sue that government for their share of proceeds from the sale, but sale by government should indemnify the buyer in any case. | |
| Jan 20, 2017 at 13:45 | comment | added | David Schwartz | @supercat Not all foreclosures are initiated by banks. Believe it or not, it's not that unusual for foreclosures to be initiated by governments (unpaid taxes, various violations), random companies that are not financial institutions (for example, as a result of foreclosing on an employee relocation loan), HOAs (non-payment of dues, gross violation of rules), and all kinds of other entities. | |
| Jan 20, 2017 at 0:07 | comment | added | supercat | @Kat: In the case of a foreclosure, the seller would be the bank, would it not? | |
| Jan 20, 2017 at 0:00 | comment | added | Kat | @supercat even if you are, do you really think you're going to get any money out of someone that has that many unpaid loans? | |
| Jan 19, 2017 at 22:41 | comment | added | Joe | @supercat That sounds like a good question to ask as a question. | |
| Jan 19, 2017 at 22:30 | comment | added | supercat | If it turned out that the seller didn't have the right to sell the property, would the buyer be entitled to sue the seller for reimbursement of funds required to clear liens, up to the purchase price of the property? | |
| Jan 19, 2017 at 17:58 | comment | added | Pete B. | ^^^This. If you can get title insurance in this situation do so. | |
| Jan 19, 2017 at 16:08 | comment | added | Joe | Title insurance always seems like a good idea to me... | |
| Jan 19, 2017 at 15:30 | comment | added | user379468 | So assuming I hire a competent title search company to do a title search, and it comes up clean, is it then ok ? or would title insurance be in order ( not even sure if that is possible on a courthouse auction ) | |
| Jan 19, 2017 at 15:18 | history | answered | Joe | CC BY-SA 3.0 |