 county auction confused (by bob [NY]) Jul 17, 2018 5:16 PM
 county auction confused (by cjo'h [CT]) Jul 17, 2018 5:30 PM
county auction confused (by Ken [NY]) Jul 17, 2018 6:30 PM
county auction confused (by plenty [MO]) Jul 18, 2018 6:39 AM
county auction confused (by Robert Phaedra [NY]) Jul 18, 2018 10:05 AM
county auction confused (by Mike45 [NV]) Jul 18, 2018 11:55 AM
county auction confused (by Ken [NY]) Jul 18, 2018 1:28 PM
county auction confused (by Mike45 [NV]) Jul 18, 2018 3:20 PM
county auction confused (by bob [NY]) Posted on: Jul 17, 2018 5:16 PM
Message:
I am going to the local county auction for the first time for 2 sf 's I would like to bid on . I contacted a title search co and quoted a pre-liminery search going back to the present owner (2011). They said to purchase the search now and update it on the day of the auction.
I am totally confused . I am theorizing that a dubious creditor could file a claim 1 or 2 hours before the home is scheduled for openeing bids. In the meantime the title co is 5 blocks away from the library where the auction is being conducted.
How is it possible to close the gap between a filing and the auction
? Or am I stressing out on somethin that is unlikely to happen ? Thanks BOB --98.118.xxx.xx |
county auction confused (by cjo'h [CT]) Posted on: Jul 17, 2018 5:30 PM
Message:
Bob,talking to me,would be like the blind leading the blind.I wouldn't bid on anything until I went to a couple of those things and see how they operate.doesn't matter what's for sale,there'll always be tomorrow,and tomorrow,and tomorrow and the day after..............charlie..........and the day after that............................... --174.199.xx.xxx |
county auction confused (by Ken [NY]) Posted on: Jul 17, 2018 6:30 PM
Message:
The county should be the owner at the time of the auction so no one will be filing anything against the former owner that will create a problem for you.Be aware and ask the title company if you win the house at auction if they will actually sell you a title policy,chances are they wont,the county attorneys do such a bad job of foreclosing that the title companies know the likelihood of the county missing creditors is very possible and since it is a foreclosure and the former owner didn't sign a deed to you they could start a lawsuit so they wont write a policy for 2 years --72.231.xxx.xxx |
county auction confused (by plenty [MO]) Posted on: Jul 18, 2018 6:39 AM
Message:
Hopefully you are purchasing at deep discount. You'll work thru the "what ifs" as they come. Or maybe they aren't even a concern. Carry on. --66.148.xxx.xxx |
county auction confused (by Robert Phaedra [NY]) Posted on: Jul 18, 2018 10:05 AM
Message:
We are purchasing a foreclosure and have no issue getting title insurance. --134.179.xxx.xxx |
county auction confused (by Mike45 [NV]) Posted on: Jul 18, 2018 11:55 AM
Message:
I know NOTHING about your state's laws.
I suspect that you are talking about a tax foreclosure auction.
You need to research. Among the questions I would have are if the current owner has any kind of redemption rights, and if so, for how long? In some jurisdictions, the owner might have two years to come forward and buy you out for what you paid! That would be a real drag!!
I think Ken is wrong as to who the present owner is. But I note that Ken is from NY, and might have some knowledge of how there things work in NY. Why would the County own the property? The foreclosure is to "foreclose" the owner's interest. If the County already owned the property, it would not be a foreclosure sale, but a sale of county owned properties.
--71.222.xx.xx |
county auction confused (by Ken [NY]) Posted on: Jul 18, 2018 1:28 PM
Message:
Mike,the counties that I go to tax foreclosure auctions in my area the county or city actually forecloses then has a sale usually within a month so the county actually owns it when they have the auction,not like a typical foreclosure for not paying a mortgage and no redemption rights although up until the day of the auction an attorney can get the county to deed it back to the former owner if they come up with everything owed.Robert Phaedra,if you are buying a mortgage foreclosure getting title insurance is generally no problem but a tax foreclosure is a different situation --72.231.xxx.xxx |
county auction confused (by Mike45 [NV]) Posted on: Jul 18, 2018 3:20 PM
Message:
Ken, thanks for that. It seems that the County forecloses, and then can auction of the property without all of the disadvantages of a foreclosure auction. Someone had a good idea!
--71.222.xx.xx |
Reply:
|
|