Posted by R Verstegen on July 17, 2006 at 09:53:35:
In Wisconsin while checking with the register of deeds on a home up for forclosure auction there is 2 loans against the home (70,000 mortgage & 18,000 loan) If you purchase the house at the auction, are you then responsible for the 18,000 loan or does that go back to the original owner?
forclosure auction questions - Posted by Davidtx
Posted by Davidtx on June 27, 2006 at 01:42:29:
i will be attending my 1st forclose auction next tues. just for a good practice run, i have found a couple of properties that would be prime canidates for my area. my question is, is there anyway to find out what the starting bid on a house is. i just want to focus on a couple of homes and see if i could have won one of them. and lets just say for instance i bid a home that is 55k and win the bid. i know the whole 55k has to be paid at the auction but, are the titles usually clear, liens etc. do they record the deed over to me right then and there.
Re: forclosure auction questions - Posted by dealmaker
Posted by dealmaker on June 27, 2006 at 07:40:30:
Since you’re in TX you’re referring to the 7/04 Trustee’s sale. I’ve never known there to be a “starting bid” per se, most trustees just say (in a normal speaking voice so you have to know what the trustee for the ppty you’re interested in looks like) “I am now accepting bids for Lot 1, Block 2 in XYZ subdivision”.
This can be difficult in large counties like Harris, Dallas, Ft. Bend, etc so find out the trustee in advance and ask him to describe himself/herself.
If the info is available online the amount of the debt being foreclosed on will be available. If I’m interested in a $55K ppty I’ll take several CASHIER’S CHECKS with me, one for $20K, $15K, $10K, $5K, 5 for $1K each and start at about $20K and go up in $5K increments at first and then reduce to $2500 and finally $1K increments nearer the top.
Generally the trustee knows pretty close what the grantor will accept. The trustee should know of any other liens and if the sale might wipe them out.
Most trustees that I’ve dealt with actaully bring a prepared deed with them to deed the ppty to the grantor, so they “could” change name to yours I guess. I would imagine they generally return to their office, prepare the new deed, get it recorded and mail it to you, depends how busy they are.
good luck