All Forum Posts by: Vic G.

Thank you Mark! Sorry for the late reply. 

Another question - this is regarding the property via homesearch.com (property owned by Nation Star). 

I am being told that the entire 2% transfer taxes are my responsibility. Is that true? 

I am in PA and as most of you might know, the 2% transfer taxes in PA are split 1% each between buyer and seller (in a normal real estate transaction). 

Since this is an auction on a foreclosed property are the rules of the game different? 

Thanks!

@Mark Beekman- do you do a full title search before buying your properties? Did you do one for the recent purchase in PA? Or is it safe to bid and win a SWD property and then as part of closing process do full title search and also opt for Owner's Title Insurance? 

How did you find the contract that you got for the house you bought via auction.com? 

Was it stacked against you? Did you have any say in getting any of the contract terms changed or adding an addendum from your side? 

Were any junior liens uncovered? In your case were they all wiped out via the Sherriff's sale? 

What if you go into contract and then as part of the title process liens are uncovered prior to the Bank ownership, who is responsible for clearing them out, before the house can close? Would that responsibility be mine?

If the lien(s) amounts are too high, at that time if I back out, I assume I lose my earnest money and also $2500 deposit with Homesearch.com? Any other liability on me here? 

@Mark Gallagher - If time is of the essence and you don't have time to do a full title search prior to bidding, and auction terms say a SWD will be conveyed, do you feel comfortable bidding on the property (knowing that is it is vacant and in decent condition, walk through done, minimal work needed)? 

Same question to you that I asked Mark B above: 

What if you go into contract and then as part of the title process liens are uncovered prior to the Bank ownership, who is responsible for clearing them out, before the house can close? Would that responsibility be mine? 

If the lien(s) amounts are too high, at that time if I back out, I assume I lose my earnest money and also $2500 deposit with Homesearch.com? Any other liability on me here? 

@Jason Shellaway - Thank you! 

Gentlemen I really appreciate your responses. I am a newbie to all this and its great to get guidance from the more knowledgeable folks such as yourself! Thanks again!

This is in Pennsylvania. 

There is a foreclosure property for auction on homesearch.com 

Property is currently vacant. 

Auction says "Buyer will receive a Special Warranty Deed (SWD) or equivalent"

Current ownership and title is in the name of the bank (Wells Fargo). 

Does a Special Warranty Deed mean that any previous liens, judgements against the property now become the responsibility of the new owner? Say if I were to win the auction and get an acceptance from the bank on my bid/offer, do I become responsible for it? 

Can anyone shed some light on how SWDs work, especially in PA? 

Thanks much!

Great thread. Very informative. Thank you all. 

I am looking at a property on Homesearch.com right now and this is in PA. 

Zillow history shows that this is a recent foreclosure. And the home is owned by Wells Fargo. 

Does the fact that the home is now being auctioned via homesearch.com mean that Wells Fargo has sold it to Nation Star? Or am I wrong in that assumption. 

All public records for the home indicate that the home is currently owned by Wells Fargo. 

Thanks in advance for your responses.