Questions re: Sherriff Sale property in OH
I am looking for ANY advice on this but specifically I am trying to find out how I can find out if the foreclosure was on a first mortgage?....Is it possible to find out how much the mortgage default amount was (amount owed)?....How can I find out if there are other liens on the property?
First of all, let me clarify that I am a first timer here and am looking to purchase this property to be my home - not for resale. Here is what I know at this time. The property was ordered to be sold at sheriff's sale on 11/29 due to foreclosure. There is another bank listed as a defendant in the case as well as the current property owners (does this mean another mortgage exists?). Per the sheriff's office and the clerk of courts, the sale is still on schedule but according to the Real Estate agent representing the owner, it is not. I feel that this may be their way of attempting to secure a sale of the property prior to the sheriff sale don't know. Can I detemine this for sure??? We have been in negotiations through our realtors to try to purchase the property but their lowest sale amount is still too high for us and also is $14,000 over the appraised value as determined by 3 appraisers for the court in the foreclosure proceeding. It would appear that they are upside down in what they owe on the property compared to what the property is worth.
I have examined the property and feel confident on that front.
Also could someone explain to me why the bank would buy the property at the sheriff sale and what happens to it after that? Will they bid all the way up to the amount of the default loan even if that is over the appraised value?
ANY ADVICE APPRECIATED!!! <IMG SRC="images/forum/smilies/icon_rolleyes.gif"> [ Edited by RebMat on Date 11/22/2002 ]
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