You must have a clear understanding of the title work. Do not make the assumption that the foreclosing attorney correctly joined and served all possible party defendants.
It sounds like you were burned once. I to underwent a near mishap with my sheriff's auction. It took six months to finally get the title clear and in my possession. All I know is something was misfiled or never filed at the county clerk's office.
One would think that title insurance, closing attorney, auctioneer, mortgage company and the like would have had all loose end tied-up neatly. No that was not the case at all.
The thing is, I don't know what I could have done to prevent this mess from happening as it did. Good luck with your purchase. All in all, it was a good purchase. I made 25k in equity after repairs.
Ask the sheriff about what kind of deed you'll get. Ask the county attorney (or your attorney) what if any title defects or liens can survive the bank's foreclosure process; often most if not all are washed away. Sometimes attorneys will give free bits of advice on the phone if you ask them nicely and succinctly. Find out what, if any, redemption period there is in your state, and resist the temptation to get to work on the house at all (or even go near it if it's occupied) until that time is up, unless you want to give the owners some free goodies to inspire them to redeem. Read the posts in the Foreclosure Forum on this site for more tips.[ Edited by loon on Date 02/12/2004 ]
You must have a clear understanding of the title work. Do not make the assumption that the foreclosing attorney correctly joined and served all possible party defendants.
Rickomarsh,
It sounds like you were burned once. I to underwent a near mishap with my sheriff's auction. It took six months to finally get the title clear and in my possession. All I know is something was misfiled or never filed at the county clerk's office.
One would think that title insurance, closing attorney, auctioneer, mortgage company and the like would have had all loose end tied-up neatly. No that was not the case at all.
The thing is, I don't know what I could have done to prevent this mess from happening as it did. Good luck with your purchase. All in all, it was a good purchase. I made 25k in equity after repairs.
Ask the sheriff about what kind of deed you'll get. Ask the county attorney (or your attorney) what if any title defects or liens can survive the bank's foreclosure process; often most if not all are washed away. Sometimes attorneys will give free bits of advice on the phone if you ask them nicely and succinctly. Find out what, if any, redemption period there is in your state, and resist the temptation to get to work on the house at all (or even go near it if it's occupied) until that time is up, unless you want to give the owners some free goodies to inspire them to redeem. Read the posts in the Foreclosure Forum on this site for more tips.[ Edited by loon on Date 02/12/2004 ]