Foreclosure Liens

Hi,

I would like to bid on a home near me pretty soon at a foreclosure auction, but I am very confused about liens. If I bid $50,000 for the house and win who could I possibly owe money to besides just paying the guy at the courthouse? If the current owner has a mortgage would I owe anything on that? If he has IRS taxes? Or does the auction wipe out all of that?

i think that is best answered by an attorney. that situation can get very tricky and you want to protect yourself at all costs.

When you bid on a house at auction you pay 20% down at the day of the auction and the balance in 30 days.....

You either get a loan, or pay cash......

The person handling the auction has to guarantee you a clear title, free of liens, taxes etc.

If this is done by a Trustee at an auction - the Trustee is responsible for all past debts.....

But yes, you need to consult with an attorney regarding anything like this for your own safety.