First auction... serious bidder but...
Hello BP. I found out today that the corner house next to my rental ( a row-home) is up for on line auction in 2 days. I really want to own this property but never been to auction. I started my due deligence.
I called the City Recorder of Deeds and found the bank owns it as of Sept 9, 2016.
I called the sheriff sale Dept to find more " history ". I was informed that during the Sheriff sale back in July 1 this year,someone bought it from the bank for 135K. This did not show in the county's Records of Deeds.
I called the bank's REO Dept. Was told that it looks like it was purchased back in July and it is still in process. To be sure, I was connected to the 3rd party who handles the sale. 3rd party informed me that it is still " for sale". I expressed my interest to buy it but worried that it will be auctioned in 2 days. He took my contact info and said that someone will contact me in 3-5 days. ( Auction is in 2 days)
Contacted a title company to do a title search but did not go through since it will take about 10 days for them to get back with the results.
Tax records are all clear up to this year. Recorder of deeds showed 2 owners. ( 2001 & 2007) House is over 50 yrs old.
Anyone who have gone through first auction here? Any advice is appreciated!
Jem