Buying from Auction, is title gauranteed clean?
When you buy a property on the court house steps from an auction is it a gauranteed clean title? I'm interested in purchasing one of these deals because the numbers are fantastic. I just don't want to run out and buy one to find it has a lien on it or a second mortgage that I'm on the hook for. Any input would be greatly appreciated.
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Well, it is usually in a room in the court house, not the step.
Different auctions (at least in PA ) have different rules, talk to the county clerk they will tell you, most of the time the auction price will cover the county's costs only, and then the bank will make the first bid to cover their lein, but if there is a tax lien and a mortgage or a 2ed mortgage you would be responsible for that, always alway to a title search before bidding because the county will not tell you if there are multiple leins...