Forums » All Categories » Buying Foreclosures » MD » Baltimore City County » Baltimore » 21215 » I have been to many auctions but not purchased any. I think I'm overly worried that the title isn't clear after the auction so that I will be liable for a superior trust. But each auction when there's a superior lien, that is usually mentioned.
    Search Keyword & Location:

    Got a question for the community?

Shortcuts

Real-Estate Articles

Loading...
View more

E-mail Alerts

I have been to many auctions but not purchased any. I think I'm overly worried that the title isn't clear after the auction so that I will be liable for a superior trust. But each auction when there's a superior lien, that is usually mentioned.
(21215)

rated by 0 users
This post has 4 Replies | 5 Followers

Top 500 Contributor
Posts 1
steve_shoemaker Posted: 22 Aug 2011 03:25 PM

I have been to many auctions but not purchased any properties. I think I'm overly worried that the title isn't clear after the auction so that I will be liable for a superior trust. But each auction when there's a superior lien, that is usually mentioned. What are the other community members thoughts? Thanks.

Reply
Top 25 Contributor
Posts 5
Alexexpert replied on 9 Sep 2011 09:45 AM
The auctions are a waste of time nowadays. Banks are sending their attorneys, agents to buy the properties back for themselves. If the property does not get picked up by the bank itself or some savvy investor, it is a lemon. Your best bet is to purchase an REO or a short sale that is on the market with a realtor. These are terrific deals, either as good or better than buyign at the auction. Meanwhile, you can inspect the homes this way before committing to buying them and you can finance your purchase with a mortgage if you want! I do recommend, however, that you go into the deal well informed and with the help of an agent -especially if is for a distressed property. The people at: http://www.priorityshortsales.com help real estate professionals, buyers and sellers complete short sales, pre-foreclosure deals nationwide. They will give you a free consultation. Good luck on your endeavors, you are still at the right place at the right time!
Reply
Top 10 Contributor
Male
Posts 324
darenb replied on 9 Sep 2011 12:43 PM
Steve, I think you're right to be very cautious at the auctions, especially about properties with a superior lien involved. Probably many properties are going to have a tax lien, which is a superior lien. You may not be able to avoid that, but you should be on the lookout for other superior liens that might be bigger amounts. I agree with the Alexexpert that for new foreclosure buyers or investors, the short sales and REO sales are usually much more straightforward and involve less risk; however, I do not agree that they are a total waste of time. I talk to investors who are still successfully purchasing at the auction.
Reply
Top 50 Contributor
Posts 4
reoceo replied on 20 Sep 2011 03:07 PM
Steve I understand your fear, it is warranted, if you are a newbie. I myself don't wait for the auction to occur I deal directly with the owners before the auction when I can, they will give you the whole truth and nothing but in order to resolve their situation. You will know every lien or judgement ever put on the place. The best part is that they don't mind helping you get the property when they find out that the bank is losing money on the deal. I hope this along with expert's and dare's advice helps.
Reply
Not Ranked
Posts 1
volker replied on 8 Jul 2012 06:36 AM

if it is an reo auction - the title is guarateed free and clear via title insurance

Reply
Page 1 of 1 (5 items) | RSS
The information in this Community is for informational purposes only and should not be construed as expert or professional advice or substitute for professional, financial or other such counsel. RealtyTrac and its affiliates assume no liability for any inaccurate information, or for any actions taken in reliance thereon. The content submitted by each user has been supplied by such individual or firm without verification by RealtyTrac, and is considered public property since it will be published publically to the online world. Any content submitted by a user is strictly the opinion of that user; RealtyTrac assumes no responsibility or liability for any content published in the Community. Submitting content to the Community does not initiate or constitute a business relationship with RealtyTrac or any user.