Foreclosures At Courthouse???
I am fairly new to REI. I want to start purchasing properties at Foreclosure Sales. I know you need to have the cashier check for full amount). My questions are:
1) How do I know if there are any other liens on the property?
2) What about Title insurance do I get it before the bid?
3) If I win the bid and provide a cashiers check at the sale when does the property belong to me?
4) Does the original property owner have any rights after the sale?
5) Does anyone know of a quicker way to research Trustee Sales Notices in So Cal ? Other than newspapers or courthouse.
Thanking you in advance for your help J
<IMG SRC="images/forum/smilies/icon_rolleyes.gif"> [ Edited by ashleys36 on Date 07/02/2003 ]
O.K. You don't have to answer all the questions any help will do. [ Edited by ashleys36 on Date 07/02/2003 ]
To get some responses, you need to supply us with where you are buying foreclosures: State and county.
foreclosures auctions have state specific guidelines and usually a little different in each county.
Roger
Thank You Roger,
I am in Los Angeles County CA. [ Edited by ashleys36 on Date 07/02/2003 ]
Ashley,
I don't know anything about CA law, but I wanted to bring this back up to the front so some others may be able to help.
Good Luck
Roger
ashley:
You will want to consult with a real estate attorney or at least a title company in your state for specifics, but here is a general discussion for you:
1) How do I know if there are any other liens on the property?
- You could research what other liens, if any, have been recorded at the county public records office. you will want to research any alias previously used as well. unless you know what u are doing, i would leave this up to the professionals (title companies and attorneys) at least for now until u get the hang of it.
2) What about Title insurance do I get it before the bid?
- Yes, this needs to be done well before the sale.
3) If I win the bid and provide a cashiers check at the sale when does the property belong to me?
- You will have to determine whether your state has a statutory right of redemption period during which the homeowner is entitled to "redeem" the property post-foreclosure. Don't quote me on this, but I think CA has one of the most liberal (overly generous) redemption periods (a few months I believe). Consult w/ a CA lawyer on this one.
4) Does the original property owner have any rights after the sale?
- It depends. One right, which I already mentioned, is the statutory right of redemption. If the sale was improperly conducted or if the original property owner was not properly served with process might be another. Again, this is a state specific legal question for a CA lawyer.
5) Does anyone know of a quicker way to research Trustee Sales Notices in So Cal ? Other than newspapers or courthouse.
- ???
Thanking you in advance
You are welcome.