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Bank Sale On Foreclosure - HELP

NewbieINia profile photo
  • Saturday, July 22, 2006 @ 02:17 PM EDT
  • 5 Comments
A bank that recently had a house for sale in Iowa (foreclosure last year but has not sold) is now going to auction it off shortly.

My question is who pays the property taxes for this year? They have not been paid for 2006 and have been sold. They are due again in September.

I am new to this and want to know what I am getting into before I go to the auction.

Thanks!
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  • bargain76
    bargain7622nd July, 2006
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    The bank normally guarantees title on anything they sell, auction or not, which means all incumbrances, liens, judgments and back taxes are paid before the property is deeded to you.

    That said, I would still check the auction literature and listen to the auctioneer to see if they follow this procedure in your case.
    [addsig]

  • NewbieINia
    NewbieINia22nd July, 2006
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    Thanks for the response!

  • bargain76
    bargain7623rd July, 2006
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    Yes, you have panic. Keep up the good work.
    [addsig]

  • charlotteinvestor
    charlotteinvestor23rd July, 2006
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    Reply

    Panic,

    Its good to have you back. I see somehow you broke the ban. Good for you.

  • tbelknap
    tbelknap23rd July, 2006
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    Reply

    You can check county records to see if the foreclosure went through. I would recommend doing a title search before you purchase the property anyway.

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