Buying at public auction question
Hi Everyone
I am going to be attending an auction soon and I wanted to know what other investors do leading up to the auction. In my state auctions are at the residence not at a courthouse. At least this is all I have seen so far. Everyone comes to the residence signs up with the auctioneer and has a $5000 certified check ready should they win the bid. The winner of the bid takes title and is responsible for all liens on the property and people in the property. The winner has 30 days to close, no contingencies, or they can lose the 5000.
Do experienced investors hire title examiners to create an abstract of title to see how the property is encumbered prior to making a bid? If the foreclosing mortgagee gets a satisfying bid, but the property is still encumbered with several other liens does anyone have a list of what those other liens could be and their priority for getting paid? Also at what point would the investor/buyer have to pay those other liens, before or after close?
Also could an investor/ buyer just buy title insurance prior to close to pay for the liens next in the priority line?
If the numbers make sense will an investor/buyer buy a property where the owner still lives there?
If yes what would the homeowner have to do after title is conveyed to the investor/ buyer to get the title back?
If the homeowner does not try to get back their title and continues to stay in the property how does the investor/ buyer get them out?
Thank you