After Auction...
I realize there are other posts about the after auction process but i wanted to get some info cleared up...
I am trying to find out what costs are at the tail end of the auction (auction fees, closing costs, escrow fees, etc.)
any help here would be much appreciated. I am new to foreclosures and have an investor who is ready to roll and is awaiting me being educated on the process. Currently i have finished reading "The Pre-foreclosure Property Investor Tool Kit" which i found to be very informative but am just trying to gain more understanding...
Thank You
When you purchase at auction, what you are purchasing is the interest that the foreclosing beneficiary had at the time of the sale. Sale expenses, such as attorney fees and trustee fees will be included in the sale minimum bid. You will have to purchase title insurance (if you decide to), fire insurance, pay back RE taxes, and deal with any superior liens or judgements.
thank you for the response, it was definately helpful. I had heard that a specific percentage was issued at the end of the auction and you had to pay that as well.
If anyone has anything to add, please do, i would love to gain more insight. Thanks
Hey Clintastic,
Glad to meet a fellow investor in the upper midwest. lot of good info here.
I sent you a pm and looking forward to hear from you.
Marv
Join it is well worth it Welcome!
anybody with any thoughts here, at all?