buying a home at an auction
I am going to an auction for a home soon. I am interested in bidding on the property (bank owned); however, I am concerned about getting stuck with any liens or judgements that might be on the property. The auction company said that the bank/owners of the property would be responsible for any judgements or liens, but I just want to make sure. I also don't want to spend money having a title search on the property because we may not even be the higgest bidders. Can anyone give me suggestions?
1 Answer from Attorneys
Re: buying a home at an auction
There are no other suggestions. If you are thinking of investing in property, that is part of the investment process. It is similar to having a home inspection done when you enter into a standard contract. If the inspection comes up with a bunch of repairs that are needed and the Seller refuses to do them, you may be able to pull out of the contract but you would still owe the inspector.
You choices are to hire an attorney to do the title search, learn how to do it yourself, or take a risk that by not spending $150-$300, you will lose thousands of dollars by being a high bidder and then having to pay judgments.