I recently won an auction on a property for 24k which also has 7500 in back taxes. Zillow has in its info that there is 170k in unpaid balance next to the foreclosure information. Should I be worried or is all I need to worry about the taxes, purchase price, closing costs, and rehab?
Zillow should not be your source for information or concern. You'll want to get a lien search completed by a title company so you'll know exactly who has a priority claim to the property, if anyone. If the auction provides you with "clear title" and/or a title policy, the lien search will be part of that. If not, please get the search done. It's not expensive and well worth knowing.
Hope this helps.
Did you run a title report prior to bidding ?
Was the 1st position or someone else foreclosing? Did you confirm taxes due etc?
Zillow is the last place to look at as it relates to liens on a property. A title report should be used to determine outstanding liens on a property.
As a new investor, I did not. However, I ran one once I saw these posts and I did not see any second mortgages or other liens on the property. I did not enjoy the site that I did my title search through, does anyone have any recommendations?
Also thank you so much for replying, it’s nice having an information safety net in bigger pockets
@Matthew Berlin We don’t know where you are. It will be your county (sometimes city) online site.....clerk of court, or whatever they call where they record deeds, mtgs, documents.