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Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 37026
Experience:  Texas Attorney for 30 years dealing in real estate
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If you purchase a foreclosure property that's by auction

Customer Question

if you purchase a foreclosure property that's for sale by auction site. Prior owner still living there. No viewings. Can the person living there vandalize property prior to leaving the house with no consequences? Also, purchasing the property by auction. At closing, if there are prior liens or old property taxes liens from the prior owner who is responsible for liens? Mortgage company that is selling the property or the new owner?
Submitted: 9 months ago.
Category: Real Estate Law
Expert:  Ray replied 9 months ago.

Hi and welcome to JA. Ray here to help you tonight.

Generally these auctions are buyer beware, you buy it with any defects here including taxes owed, liens, and other encroachments .You would want to try and do your homework and bid low accordingly.There is usually no warranty of title like a sale from a lender or regular seller.The owner here likely assumes all risks.If the auction will not let you buy a title policy here at time of purchase you know you bear all the risks here of defect.So buyer beware here, any problems come with the title as buyer.

I appreciate the chance to help you tonight.Thanks again and the best here.