Posted by Scott on August 15, 2003 at 20:18:26:
nt
I buy a house at a forclosure auction… - Posted by Rich Hyams
Posted by Rich Hyams on August 15, 2003 at 20:16:01:
The first is about 400k, the second is 90K, let’s say I am the highest bidder at 420K, is the second gone?
What are the risks of buying at a forclosure sale?
Re: I buy a house at a forclosure auction… - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on August 15, 2003 at 20:50:36:
Rich Hyams-------------
Please plan to NOT BID on this property. You are nowhere near ready to risk money this way.
Every state has different laws relating to foreclosure procedures. You don’t even tell us what state it is in.
In most states the second loan will not be still on the property after the auction. Provided that proper procedure was carried on, including propert notification of the junior lender about the foreclosure sale.
I’d recommend you read my article called “Is foreclosure investing for you” in the “money making” forum of this CREONLINE.COM website.
This is not an area for beginners. Please expect to spend six months studying foreclosures in your area before you start pulling out your wallet at auctions.
Good Investing*Ron Starr