Buying at Auction in Maryland- Making Sure Bidding on the 1st

3 Replies

Hi Guys,

I've bought about 90 houses since 2010, but never yet at Auction. Looking at buying there due to competition on MLS and direct mail.

Have done a lot of research on this already, but what I'm told is in MD they are required to disclose both in the legal notice and at the actual auction itself if you're bidding on a 1st position or 2nd, 3rd, etc position lien/mortgage.

I've scanned through the ads in MD but I don't seem to see where in the ad it discloses the position of the mortgage.  

I'm just trying to make sure I can get a good process down to make sure I am definitely bidding on a 1st and not a junior lien.

Included example ad below.  Any help appreciated.

Thanks

BROCK & SCOTT, PLLC 484 VIKING DRIVE, SUITE 203
BROCK & SCOTT, PLLC 484 VIKING DRIVE, SUITE 203VIRGINIA BEACH, VA 23452

SUBSTITUTE TRUSTEES' SALE OF

VALUABLE FEE SIMPLE PROPERTY

KNOWN AS

8707 Ritchboro Road

District Heights, MD 20747

Under and by virtue of the power of sale contained in a certain Deed of Trust to PRLAP INC, Trustee(s), dated November 29, 2006, and recorded among the Land Records of PRINCE GEORGE'S COUNTY, MARYLAND in Liber 26624, folio 574, the holder of the indebtedness secured by this Deed of Trust having appointed the undersigned Substitute Trustees, by instrument duly recorded among the aforesaid Land Records, default having occurred under the terms thereof, and at the request of the party secured thereby, the undersigned Substitute Trustee will offer for sale at public auction at THE PRINCE GEORGE'S COUNTY COURTHOUSE LOCATED AT 14735 MAIN ST, DUVAL WING ENTRANCE, UPPER MARLBORO, MD 20772 ON,

JULY 10, 2015 at 3:00PM

ALL THAT FEE SIMPLE LOT OF GROUND and improvements thereon situated in PRINCE GEORGE'S COUNTY, MD and described as follows:

LOT NUMBERED ONE HUNDRED NINETY EIGHT (198) IN BLOCK LETTERED "B" AS SHOWN ON THE PLAT ENTITLED "PLAT 2, SECTION THREE, PART OF BLOCK "B", FORESTVILLE PARK", WHICH PLAT IS RECORDED AMONG THE LAND RECORDS OF PRINCE GEORGE'S COUNTY, MARYLAND IN PLAT BOOK 96 AT PLAT NO. 67. BEING IN THE 15TH ELECTION DISTRICT OF SAID COUNTY.

The property will be sold in an "AS IS WHERE IS" condition without either express or implied warranty or representation, including but not limited to the description, fitness for a particular purpose or use, structural integrity, physical condition, construction, extent of construction, workmanship, materials, liability, zoning, subdivision, environmental condition, merchantability, compliance with building or housing codes or other laws, ordinances or regulations, or other similar matters, and subject to easements, agreements and restrictions of record which affect the same, if any. The property will be sold subject to all conditions, liens, restrictions and agreements of record affecting same including any condominium and of HOA assessments pursuant to Md Real Property Article 11-110.

TERMS OF SALE: A deposit of $28,000.00 payable in certified check or by a cashier's check will be required from purchaser at time of sale, balance in immediately available funds upon final ratification of sale by the Circuit Court of PRINCE GEORGE'S COUNTY, MARYLAND interest to be paid at the rate of 6.25% on unpaid purchase money from date of sale to date of settlement. The secured party herein, if a bidder, shall not be required to post a deposit. Third party purchaser (excluding the secured party) will be required to complete full settlement of the purchase of the property within TEN (10) CALENDAR DAYS of the ratification of the sale by the Circuit Court otherwise the purchaser's deposit shall be forfeited and the property will be resold at the risk and expense, of the defaulting purchaser. All other public charges and private charges or assessments, including water/sewer charges, ground rent, taxes if any, to be adjusted to date of sale. Cost of all documentary stamps and transfer taxes and all other costs incident to the settlement shall be borne by the purchaser. If applicable, condominium and/or homeowner association dues and assessments will be adjusted to date of sale. If the sale is rescinded or not ratified for any reason, including post sale lender audit, or the Substitute Trustees are unable to convey insurable title or a resale is to take place for any reason, the purchaser(s) sole remedy in law or equity shall be limited to the refund of the aforementioned deposit. The purchaser waives all rights and claims against the Substitute Trustees whether known or unknown. These provisions shall survive settlement Upon refund of the deposit, this sale shall be void and of no effect, and the purchaser shall have no further claim against the Substitute Trustees. The sale is subject to post-sale review of the status of the loan and that if any agreement to cancel the sale was entered into by the lender and borrower prior to the sale then the sale is void and the purchaser's deposit shall be refunded without interest. Additional terms and conditions, if applicable, maybe announced at the time and date of sale. File No. (14-05767)

Keith M. Yacko, Robert E. Frazier, Thomas J. Gartner,

Jason L. Hamlin, and Gene Jung,

Substitute Trustees


www.hwestauctions.com


JUNE 25, JULY 2, 9, 2015 11927925

Was that a question? 

Do you guys see anywhere in the ad I included where it tells you what position the lien you're bidding on is in?

Checr the Maryland land records for recorded liens. Mdlandrec.net

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