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If I purchase a foreclosed home at auction am I responsible ou…

Customer Question
If I purchase a foreclosed...
If I purchase a foreclosed home at auction am I responsible for the outstanding liens?i.e. taxes,utilities; etc I want to flip homes. I've researched and gone to sheriff sales/auctions to watch. I even have emails coming to me with 'Sale List' from firms
that represent the foreclosure homes; but I'm VERY unclear as to what past amounts I will be responsible for that are not announced? I've even gone as far to pay for title searches on 5 homes I liked and gone to the auction the next day to try to bidl if title
search came back clean...but then all 5 homes I did title searches on 'stayed' and didn't get auctioned; so I lost my title search money and a lot of time. Please only respond if can give me 'real' information. I do not need general information and told to
check with the city court house. I need to know if I walk into the next court house auction; is it worth the risk to bid on any property that goes up; as long as I know the comps in area? How much of the unpaid do I really need to be concerned with? (II was
told by one guy at auction that won; not to worry about past liens - as they are washed away when if I have winning bid. What is correct?
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 13 minutes by:
6/23/2015
Real Estate Lawyer: Maverick, Lawyer replied 2 years ago
Maverick
Maverick, Lawyer
Category: Real Estate Law
Satisfied Customers: 6,427
Experience: 20 years professional experience
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Q> If I purchase a foreclosed home at auction am I responsible for the outstanding liens?i.e. taxes,utilities; etc
ANSWER: Buying at a foreclosure auction is risky. First, you may not be able to inspect the property. Second, you’ll still end up owing any unpaid property taxes and junior liens. Junior liens are those that were put on the property after the debt which caused the property to go into foreclosure. Third, buying at auction also comes with the possibility that the former owner will try to exercise his right of redemption by coming up with the cash to buy the house back within a certain period of time.
On the lien issue, you should always research any existing liens, unpaid taxes and/or previous construction debts by ordering a full title search on the property.
Please remember to assign a feedback rating so JA will compensate me for my time. You are free to ask follow-up questions thereafter at no charge. Please allow up to 24 hours for a follow-up response if I am signed off.
If, for some reason, you are not satisfied with the answer, I would appreciate knowing why so that I can try to clear up any misunderstanding that may have taken place and still earn a positive rating from you. If you would rather obtain a refund of your deposit, just let me know and I will inform JA on your behalf. Finally, you may request me in the future by beginning the question with "THIS IS FOR MAVERICK".
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Customer reply replied 2 years ago
Would appreciate refund please. I appreciate your response and see your efforts - but response is mainly general knowledge that I stated in the question. I was looking for much more targeted and clearly response. Not looking to go back and forth...as I'll take my question to forum on my real estate site. I was looking for more well defined quick legal facts
Real Estate Lawyer: Maverick, Lawyer replied 2 years ago
No problem. I will put in the request for you now. Thank you for giving JA a try.
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Category: Real Estate Law
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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).

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