Sheriff Sale Payoff Order
Do i have this right?
1. 1st mortgage
2. Taxes
3. Other judgments
4. 2nd mortgage
5. 3rd mortgage
Or do the taxes follow the property and is paid by the bank or investor with the winning bid?
Thanks!
I have the same question - mostly regarding the taxes. Are past due taxes brought up to current when a property is sold at sheriffs sale or are you (the new buyer) responsible for them. (I am located in Ohio).
Thanks
Jeff
when the keys are handed to you payment is made...if you are planning to do a kitchen table closing then you may want to suggest to have the closing on the moveout date. or offer half now half upon handing over keys.
50-50 sounds like a good idea. has any1 out there had a warm reception from the idea of sending that money directly to their next landlord or credit card company?
I have them sign a purchase and sale contract - with many of the numbers marked approximate - and get an authorization to release information. I then have a preliminary title search done and get payoffs on all liens. Then I do not give them the money until they move out. I simply explain that I know they are a good person, but I have had trouble in the past with people taking the money and then not moving out. So it is nothing personal, just company policy that the homeowner does not get the money when they move out. Now if they need help with security deposits, moving vans, etc then those can be paid directly. I make my payment to them an addendeum of the purchase and sales contract. It states that they are to receive the money when the house is vacated.
Now of course if it was a sweet deal and they were very insistent, I would bend the rules. You have to weigh how much money is in the deal and how insistent they are to get the money up front.
Brenda