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buying city owned and auctioned property (1 viewing) (1) Guest
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TOPIC: buying city owned and auctioned property
#6580
LK311 (User)
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buying city owned and auctioned property 7 Years, 9 Months ago Karma: 0  
If a city auction off foreclosed properties are all other lien and encumbrances cleared or does the buyer take subject to the other liens and encumbrances?
 
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Sumo (User)
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Re:buying city owned and auctioned property 7 Years, 8 Months ago Karma: 5  
Check with the city ordinances. Usually the city will clear the encumbrances. I would definitely hire a real estate title company to issue an abstract of title before you close on the property.
 
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Tomas (User)
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Re:buying city owned and auctioned property 7 Years, 8 Months ago Karma: 3  
My advice: check out the property before you actually bid on the property. There is a reason why the property was taken at government auction.

I agree with Sumo, usually government foreclosures wipe the title clean. Good luck.
 
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#6661
LK311 (User)
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Re:buying city owned and auctioned property 7 Years, 8 Months ago Karma: 0  
Thanks for all the responses. I actually had an opportunity to view a property listed for auction. I could not gain access to the interior, but from what i saw from the outside, there is a reason why its up for auction. It was a mess. Nothing i would consider purchasing. Thanks for the responses, but i will not be bidding on the auction this time around.
 
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DanVictor (User)
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Re:buying city owned and auctioned property 7 Years, 2 Months ago Karma: 0  
I read your note it is good and i want to know more about benefits of buying city owned and auctioned property.
Tell me please and suggest important steps before buying city owned and auctioned property.

Best Business Properties
Low Budget Property
Real Estate Brokeage
 
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