Bank Sale On Foreclosure - HELP

A bank that recently had a house for sale in Iowa (foreclosure last year but has not sold) is now going to auction it off shortly.



My question is who pays the property taxes for this year? They have not been paid for 2006 and have been sold. They are due again in September.



I am new to this and want to know what I am getting into before I go to the auction.



Thanks!

Comments(5)

  • bargain7622nd July, 2006

    The bank normally guarantees title on anything they sell, auction or not, which means all incumbrances, liens, judgments and back taxes are paid before the property is deeded to you.

    That said, I would still check the auction literature and listen to the auctioneer to see if they follow this procedure in your case.
    [addsig]

  • NewbieINia22nd July, 2006

    Thanks for the response!

  • bargain7623rd July, 2006

    Yes, you have panic. Keep up the good work.
    [addsig]

  • charlotteinvestor23rd July, 2006

    Panic,

    Its good to have you back. I see somehow you broke the ban. Good for you.

  • tbelknap23rd July, 2006

    You can check county records to see if the foreclosure went through. I would recommend doing a title search before you purchase the property anyway.

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