Question about liens regarding a REO property being auctioned

Question about liens regarding a REO property being auctioned

Software Architect · Attleboro, MA · Member since 2015 · 9 posts · 3 votes

I have never purchased a property via auction.com or any auction for that matter. Anyway, here is a snippet of the title information being offered via the site:

My question is will these issues be removed from the title once the auction is complete?

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  • Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    11y

    Can't read that. Generally, you get "clear title' with a REO, you may be on the hook for unrecorded liens when using their title co. though. Use your own title co., and they will search for these. You have to read the auction terms. Some/most/all of what you posted was probably wiped out at the foreclosure auction, where the bank got it back.

  • Software Architect · Attleboro, MA · Member since 2015 · 9 posts · 3 votes
    11y

    Thanks for the information.

  • Ned CareyPro Member
    Moderator
    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
    11y

    Whether liens remain after closing or who pays those liens at closing depends on the the contract for that specific property. Contracts are negotiable. Make sure you read, understand and agree to the terms in the contract. 

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