Auction Newbie Question
I've attended about 5 auctions in the last few months, but have yet to see anyone bid on a property. I've been doing some research and collecting funds to prepare for my first auction property purchase, but I have a few questions to whichI can't seem to find answers:
1. Which liens are released and which liens remain on an auction-purchased property?
2. How does the former owner's rights of redemption come into play in this scenario? I've heard that can happen, but I would think that they would rather just find another property than to pay to get their old property back. Is this a threat?
Any responses would be greatly appreciated.
Thanks,
Gary
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