Posted by Rodney Walker on September 16, 2004 at 09:37:01:
I believe you do have to pay for the water bill, and the last mortgage payment or something like that, and the taxes.
County Auctions - Posted by Rodney
Posted by Rodney on September 11, 2004 at 14:38:33:
I have a few questions. I seen a list of homes for auction that were put up by
the county either for homes seized in drug raids, or from homes that have
been lost due to non payment of taxes. This seems like a very easy way to get
a home if you win the auction, and for very little capital. Why have I not read
much about this. I mean most of these homes are nothing to live in, but with
some work, they can be flipped for a nice amount of money. Can someone
tell me more about this? I live in Michigan. Also, do the taxes, mortage, and
water bill have to be paid off before you can own the home?
Re: County Auctions - Posted by dd
Posted by dd on September 14, 2004 at 01:37:26:
When u buy a property in this manner you DO assume the responsibility/ownership of any and all liens and encumbrances upon the title.
In my area such auctions are frequented by the same clusters of investors who have through diligent analysis and study of properties in the specific neighborhoods they prefer to invest in only purchase those properties which fall into those areas. In other words, they know beyond a shadow of a doubt that the property meets or exceeds their personal investment guidelines and likely pose a minimal risk as far as whether or not they have what is known as ‘clear title.’
You see, when you buy a home, at least in California typically the purchase is made subject to clearing the title/eliminating all other liens(things like mechanics liens and what not) and encumbrances (taxes in arrears etc.)against the property prior to purchase/taking title. If someone eager to buy a property at an auction such as this without doing their homework such as these ‘cluster investors’ or regulars do they might find themselves somewhere down the road of ownership having to pay the piper for someone else’s failure to pay.