I am complete newbie. I was reading BP for weeks and educating myself.
I am looking now for one foreclosing property here in OH and probably will try to buy it for rental purpose after rehab. it has an attractive $20k starting bid in $80-90k neighborhood.
As was recommended by many BP PROs I am working with a title company on title search already, but as I am education as well I am checking all available online documents about this case as well.
I found the Magistrate Decision doc where they mentioned that this First mortgage is foreclosing , BUT the City and State of Ohio department of Taxation figuring as a Defendant too and in decision is stated that City claimed "some rights, title, interest or lien upon to the premises, but that any right, title, interest , claim said Defendant MAY have is inferior and subsequent to the lien of Plaintiff "
As I understand that foreclose process will extinguish all those "inferior liens".
Am I right in my understanding?
There are no second mortgages or IRS liens or any lien recoded YET in the recorder's office.
I do have that document , but I do not know how to attach it here if possible.
welcome to the site.
You want to check with the municipalities to see if there is any lien pending. Common liens are for property/lot cleanup, etc., and will attach to the property. You may see no liens today, but if they attach the lien after you purchase, you will be responsible.
Check with an Ohio attorney, but I'd guess a municipal lien survives a first lien foreclosure.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.