All Forum Posts by: Brian Taylor

yes we did, closed on December 19th, everything went smooth other then the land side of things, the deed information never matched what was listed by auction.com, they were auctioning it as 3.6 acres, the square footage of the lot only adds up to 2.6 but if you go back 3 owners to the 80s the deed says 5 acres give or take with the same lot information, somewhere along the line the 5 acres give or take was removed from the deed, nothing was ever split or sold but it's always had the same square footage 225x450x195x450.. with or without the land it was a great deal and it went very smooth and I'd definitely use auction.com again.

On Monday the closing specialist reached out to our lawyer to see if he was ready with the title search, he finished up this morning, Wednesday, I believe the next step is transferring the funds to my lawyer to be disbursed to the closing company and then transfer of the deed? Hoping to close before Christmas!

So far it's been good, auction.com has been quick, contract was signed by both parties within 5 days of winning the auction and they set our closing date for the 31st, we we're assigned a closing specialist and other then providing our lawyers info for closing 3 days ago I haven't heard anything new.

My understanding is that if the bank starts foreclosure on a property that all liens and judgements come secondary to the priority debt which would be the bank, does timing matter when it comes to a lis penden? the bank started preforclosure in September of 2017, the lis penden was started in March of 2018, the foreclosure was approved by the court 3 days later, my understanding is that since the preforclosure was already in motion in the courts that the lis pendens would not be able to follow the property or is this a whole other beast that doesn't follow the same rules as a lien?

I was assigned a closing specialist today through Auction.com, but yes title insurance will be purchased once offered.

From my understanding the debt in question was a payment from private insurance paid to the previous property owner that was then supposed to have been paid to the hospital but did not.

I purchased this property fully aware it had a lis pendens on it from a hospital here in Maine, its still a great deal if i have to pay it but my understanding is that it is a pending lawsuit, the bank foreclosed on this property 3 days after the lis penden was placed, i should be done with closing before the new year, does this get wiped once i own it?

So i won my first auction on Auction.com online, it was a forclosure that i had been watching for about a month, it went up 5 times before i finally jumped on it, i was the only bidder and won it for 37,902, the reserve price, we filed all the required documents right away, today we sent the earnest money deposit and the proof of funds, the auction.com rep told us it would be up to 10 calender days for citimortgage to i guess accept the offer and move forward, im completely new here so i was hoping someone could tell me what takes place once citimortgage accepts us, what should we expect.

Looking at purchasing a property, shows that it has a 17,000 medical lien on it, property is not getting any bids, going on its 6th time up for auction, confident i can get it for the reserve of 37,000, the bank is owed 164,000, does that lien attach to me if i buy this property or does it get wiped since the bank is priority and they wont even break even?

thanks i contacted them, another question i had is, is it common place for banks to take such a large loss on a property? this property is valued at 84,000, ive read the forclosure documents and the bank is owed about 100,000 in just the normal payments but with interest and fees its 164,000 they want, but are willing to take 36,901 to just get rid of it? are they just going to write it off as a loss and hope magically the previous owner pays them back?

Can you bid the reserve? I was under the impression that you were bidding in 5000.00 increments only, so 36,901 means paying 40,000 or bid 35,000 and wait for a call to negotiate.