Foreclosure University

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foreclosure sale

Liens on the home, (other than property tax or Federal) am I obligated to pay that lien?

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Question: If I buy a home at a foreclosure sale, and later determine there is another lien on the home, (other than property tax or Federal) am I obligated to pay that lien to obtain clear title?

Answer: – Yes, if the lien has seniority, you are responsible as the high bidder to pay off all liens to clear title. That’s why it’s so important to run a title report to make sure there are no liens on the property and to find out how many liens are on the property. I’ve heard of cases where individuals will bid on properties thinking they are a great deal and find out later it was the 2nd mortgage they were bidding on and they have to now payoff the first. Most lose their deposit and it goes back up for auction because they thought the opening bid was for the 1st mortgage. Hope that helps.

Highest Bidder / 2nd Highest Bidder – foreclosure sale

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My son is just getting into the Foreclosure business. I will tell him about your site and e-books.

In the meantime, I have a question in regards to Foreclosure Sale.

We live in Colorado, USA

When the Foreclosure Sale takes place, and the Lender (who foreclosed) out-bids the highest bid to insure they are owner until the 75 day Right to Redeem period is over, does the second highest bidder (not a junior lien holder) have first right to purchase the house if the original owner does not exercise his option to redeem? The reason I’m asking this question, The foreclosure sale has already taken place on our house. We have been trying to redeem our property. We have less than a week left and it is not looking favorable. We do have investor who will buy the house and do a rent-to-own agreement with us. He can’t get his loan closed by May 2nd. So, our lender told us he could call the attorney that handled the foreclosure. But they said he can’t call them until 5:01 pm on May 2nd. What if someone else put a sale bid on the house before our Lender Chase put their bid on our house? Are all bids off at this point? If our investor offers the redemption price plus associated costs does he have a good chance of buying the house from the lender?