I'm new to the BP. been to the sheriff auction in Dallas few times and bought couple of properties through the sheriff sale (the ones behind their taxes)
I have seen some cases were won through civil court being sold through the sheriff and im kinda confused a bit in this regard.
my questions are and hope to be patient with me:
1-I have seen By Virtue of order of sale and By Virtue of writ of execution what is the difference between them if somebody wins at the auction? any difference in regard to the deed or process? still blurry for me!
2-In the civil judgments I see (company name "not a bank" VS individual "property owner") like the company sued the home owner and trying to collect their debit through judgment at the court then won the case and got the court order to the sheriff/constables to levy and sell at the sheriff auction. (what happens if I buy this kind of judgment? will i get the deed? am I responsible on the all other liens-mortgages?)
3-Lets say I bought one of these judgments and I know there is no mortgage or liens on the property will I be the owner directly or is there any other steps i need to do I heard that I need to close in 30 days or so which i have no idea about.
4-Lets say I bought one that has a 1st mortgage and Im liable for it...what should I do I mean whats the next step after wining the bid at the auction...heard that its better to wait like 15 days after then pay all taxes and record the deed...still not clear to me!
5- Another Scenario: a company suing the property owner and won the judgment for 550k (the owner has 2 properties one of them is a land that worth around 80k in the market and the other is a house that worth about 600k) the sheriff is selling the land only at the auction not the house, to satisfy the 550k loan which no way the land gana sell for that much!... what happens if I win the bid on the land will I just get the land and the company suing the owner will go after the house that hasn't been scheduled for sale yet to satisfy the rest of the judgment? or will I be liable for the whole 550k?
Any advice or a piece of info would help.
You are not liable for any additional balance For The Mtg Being Foreclosed on. If you buy a 2nd mtg foreclosure, you’ll inherit the first mtg.
A few hundred bucks sitting down with a Local RE attorney will be the best money spent.
@Wayne Brooks Thanks for your reply...planning to meet with attorney but thought to give this a shot hope to know something new!
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