Real Estate Law

Have Real Estate Law Questions? Ask a Real Estate Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Real Estate Law
This answer was rated:

i know people that are buying houses at the courthouse steps

i know people that are...
i know people that are buying houses 'at the courthouse steps' in Arizona. What are the potential risks involved. Is it possible you would get a property with a lien on it? What sort of information do you need from the seller to be safe?
Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 9 minutes by:
12/1/2010
GoLaw
GoLaw, Lawyer
Category: Real Estate Law
Satisfied Customers: 753
Experience: Attorney and landlord with ten years experience advising landlords and tenants
Verified

Most auctions held at the courthouses these days are for mortgage foreclosures. You are correct that it is possible to purchase a property that has a senior lien. Many banks will inform potential purchasers of such senior liens (which are not extinguished in the sale), but not all of them will.

 

If you purchase property with a senior lien on it, you are responsible for paying the senior lien off. If you do not, the senior lien holder can foreclose on the property and you will lose your interest.

 

Anyone purchasing property at a foreclosure sale should check the land records to determine what mortgages are currently on the property. If possible, you should have a title company do a lien search to determine what if any liens may be senior to the one being foreclosed.

 

Keep in mind that you also cannot usually inspect the property before purchasing it. Properties being sold at foreclosure auctions are sold as is, so if the property, which looks good from the outside is in fact falling down, you cannot undo the transaction.

 

If you do not want to take these risks, you can sometimes purchase a bank owned property for a good price.

 

 

I hope you found my answer helpful. Please click on the GREEN ACCEPT button above for my answer. This is necessary for me to be paid for my work and so that I can get credit for assisting you. Your question will not close, and you will still have the opportunity to follow-up if needed. Please use the REPLY button to ask follow up questions.

 

This response is based upon the information provided in your question. If there is additional relevant information or you believe that I may have misunderstood or misread your question, please REPLY and let me know. I want to make certain that you receive as accurate information as possible. Thank you.

GoLaw
GoLaw, Lawyer
Category: Real Estate Law
Satisfied Customers: 753
Experience: Attorney and landlord with ten years experience advising landlords and tenants
Verified
GoLaw and 87 other Real Estate Law Specialists are ready to help you
Ask your own question now
Customer reply replied 7 years ago
Essentially you do not get any 'insurance' on the title so you take the risk of something showing up, is that accurate? Does the foreclosing bank provide any kind of title assurance. What is a trustee's deed?
You can pay for a title insurance policy and this is a very good idea any time that you are purchasing any property, especially one in foreclosure. A trustee's deed is not very different from any other type of deed, but it includes no warranties of title. In "regular" transactions, the seller usually warrants to title to some extent or other, but a trustee does not. That is why title insurance is so important.
Ask Your Own Real Estate Law Question
Customer reply replied 7 years ago
So a Trustee's deed is worthless? unlike a warranty deed that warrants the title to be as state, but is always backed by title insurance as you wouldn't be able to get swat out of most seller's. Is that about accurate?
The trustee's deed transfers title in the same way that any other deed does. So, it certainly isn't worthless. However, it does not provide the assurances that are usually present in most transactions. That is why every person that I have ever dealt with that purchases a foreclosure property gets title insurance. The title insurer does a full search of the records and makes sure that all of the Ts are crossed and Is dotted.
Ask Your Own Real Estate Law Question
Ask GoLaw Your Own Question
GoLaw
GoLaw
GoLaw, Lawyer
Category: Real Estate Law
Satisfied Customers: 753
753 Satisfied Customers
Experience: Attorney and landlord with ten years experience advising landlords and tenants

GoLaw is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

5,436 satisfied customers

17 years of legal experience including real estate law.

Barrister

Barrister

Lawyer

11,052 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

7,763 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

7,532 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,207 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,918 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

< Previous | Next >

Related Real Estate Law Questions
Well my Brother warranty deeded 20 acres and now has changed
well my Brother warranty deeded 20 acres and now has changed his mind wanting 15 back. He is claiming that because I did not pay the 10 dollars that he can. Is this true? … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
In a mortgage on a condo that is jointly owned by where both
Second opinion] In a mortgage on a condo that is jointly owned by where both spouses are cosigners on the mortgage, how can one spouse get their name removed from the mortgage?… read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,052 satisfied customers
In a mortgage on a condo that is jointly owned by where both
In a mortgage on a condo that is jointly owned by where both spouses are cosigners on the mortgage, how can one spouse get their name removed from the mortgage? … read more
Ely
Ely
Counselor at Law
Juris Doctor
4,918 satisfied customers
My mortgage lender wants to do an inspection of the property
my mortgage lender wants to do an inspection of the property do they need a reason. ? And can I stop it ?… read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
I recently signed a Warranty deed which stated: To have and
I recently signed a Warranty deed which stated : To have and to hold the above described premises, together with all and singular the rights and appurtenances thereto in anywise binding unto said gran… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
I have paid off my warranty deed with a vendo's lien to my
I have paid off my warranty deed with a vendo's lien to my dad, how do we release the lien? … read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,052 satisfied customers
I have a copy of a note that the deed and warranty deed has
i have a copy of a note that the deed and warranty deed has been recorded at the county courhouse, how do i get it certified as a certified copy as we are trying to sell the note. the original is not … read more
Ray
Ray
Lawyer
Doctoral Degree
7,532 satisfied customers
If the title to the home and mortgage is in both spouses
If the title to the home and mortgage is in both spouses names, but one dies, should the other change the name on both in order to sell or bequeath the home? … read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,052 satisfied customers
As of September 19 th the warranty went out on my my home.
As of September 19 th the warranty went out on my my home. Two of the several problems have re ocured. I called the realtor With whom I bought the house from and I feel as though I am getting a run ar… read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,052 satisfied customers
I signed a warranty deed with vendors lien and recorded it.
I signed a warranty deed with vendors lien and recorded it … read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,052 satisfied customers
I signed a Warranty Deed I Lieu of Foreclosure for a Time
Hi I signed a Warranty Deed I Lieu of Foreclosure for a Time Share with WestGate Resort. The deed does not state that I have to purchase a second property in order to get out of the first property. It… read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
Florida Real Estate- Question about a Warranty Deed Contract
Florida Real Estate- Question about a Warranty Deed Contract for sale of a house in Florida:My deceased Mom's house is being sold by the executor: Would it be unreasonable for me to ask that a warrant… read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,052 satisfied customers
I have signed warranty deed based on information that I Now
I have signed warranty deed based on information that I Now know t be to be accurate under what conditions can I void the contract ? … read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,052 satisfied customers
My father gave me property in Pecos NM. In the warranty deed
My father gave me property in Pecos NM. In the warranty deed is a stipulation saying that any future sale of this property can only be made to family relatives. I have a party who is interested in buy… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
If a warranty deed conveyed as:husband and wife, tenants in
If a warranty deed conveyed as:husband and wife, tenants in common, her heirs and assigns.... Upon the death of both tenants would the wife's heirs have total ownership of the property? The intention … read more
lucy7368
lucy7368
Juris Doctor
763 satisfied customers
A General Warranty Deed with Life Estate Reservation:
A General Warranty Deed with Life Estate Reservation: Grantor deceased, Two Grantee's. Can one Grantee sell and another hold? Can selling Grantee receive proceeds from sale or is it held till other Gr… read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,052 satisfied customers
Quit claimed my interest to the other party on Warranty
Quit claimed my interest to the other party on Warranty Deed. How do we DEED property back to both of us as JTWROS ????… read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
A person purchased a property and a warranty deed has been
A person purchased a property and a warranty deed has been transferred to his name. However, the deed was not registered with the county (which is legal to do at lest at that state). Does the person s… read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,052 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x