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12-07-2011, 06:52 PM #1
Renter
- Join Date
- Dec 2011
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- 2
Newbie Foreclosure Auction question
I'm interested in real estate investment and I have been looking into foreclosure auctions specifically. However, after researching I have not been able to find out the answer to one particular question. On the county's online foreclosure auction website I have noticed that some 3rd Party auction winners have won the auction with a winning bid that is lower than the final judgement amount. My question is, if you are a 3rd party winner for an auction and your winning bid is lower than the final judgement, are you then required to pay the difference to the plaintiff? Thanks in advance
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12-08-2011, 06:00 AM #2
Moderator
- Join Date
- Sep 2007
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- Outer Banks
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- 1,281
It may depend on where you are located but typically, when you buy it at the court house you do not owe the balance on the loan.
However, you might owe back taxes, HOA fees, IRS liens, second mortgages etc., so be sure to have a proper title search done on the property to be sure it is free of liens and then just before you put your money down have a quick title search done to be sure a lien wasn't attached to the property just before the auction.Your Outer Banks real estate agent. Learn how to buy Outer Banks foreclosures.
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