sherriffsale - Posted by marc

Posted by Lyal on September 19, 2004 at 17:21:24:

JT,
Sent you a note a week or so ago. If you have a few minutes and could read it I’d appreciate it.
Thanks, Lyal

sherriffsale - Posted by marc

Posted by marc on September 19, 2004 at 11:15:33:

Hello, All.

I am bidding on a small condo unit at a sherriff’s sale tomorrow. The judgement is for $5000.
I checked the title, looking for tax liens and so forth. There are no tax liens, but there are liens put on the property by the condo board, for unpaid maintenance, I believe. There is also a mortgage on the property. The owner is current on taxes and his mortgage.
My question: if I bid and win at the sherriff’s sale, I must assume the mortgage on the property, right? Also, I have been advised by a real estate lawyer to call the attorney for the condo board and make an offer on the property before the auction. Is this advisable? THANKS FOR ANY HELP. Marc

Re: sherriffsale - Posted by JT-IN

Posted by JT-IN on September 19, 2004 at 15:36:07:

Your question:

" I have been advised by a real estate lawyer to call the attorney for the condo board and make an offer on the property before the auction…?"

The Assn can’t sell you what they don’t own… They could sell you their judgment lien, but not the property.

Be certain that you understand what encumbrances fall before you, should you be the successful bidder. Also, what is the right of the owner to redeem your position, following the sale…? Only after knowing these answers, should you bid for the position.

JT-IN