I just bought a property on the courthouse steps and was handed a receipt and told to wire the $21k by eod.
What’s should be my immediate first steps?
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Thanks, Roger! Still haven’t figured out if Missouri requires a closing for an cash auction transaction. The property is vacant, at least it seems that way, with ‘winterized’ notice and such on the doors/windows.
Looks like you ready fired and aimed.. you should know this stuff before you bid.. seems somewhat backwards to bid and not even know the very basics.. but if the house is vacant you should be in pretty good shape as long as you did not pay too much and you bought a first not a second.
Jay, I did some prelim title research prior to bidding but did not pay a title company $200-$300 to conduct a full search.
Title companies seem reluctant to conduct a title search until I receive the deed. Can I not offer to pay a title company to run a general search to ensure I didn’t buy a second mortgage?
determining which mortgage U bid on should be quite easy.. you should be able to do this yourself either on line or running down to the court house... learn to do this yourself.. you can't run title on everything your going to bid on since its rare that you actually end up buying what you want to bid on in the first place
Learning to do it yourself can be very cost effective. Particularly if you intend to be very active in property auctions. PM me if you want some tips on training material for title searching. Good luck.
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