Hi there.
I'm currently in the market for an investment property & came across one right up the block from me that goes up for auction this coming monday, September 1st.
I just have a couple questions i am slightly confused about.
1.) this property is being AUCTIONED as a BANK OWNED property so i've been reading about different terms & conditions that differentiate a traditional sale of a bank owned home & an auction of a bank owned home.
in a traditional sale of a bank owned home, i'm aware that you also inherit any liens or outstanding loans on the property including the original mortgage… However…
I've read numerous times that in the event of a bank owned property being AUCTIONED, you do not inherit the outstanding liens or mortgages, as this is the last step in liquidating the house for as much as they possibly can in cash on the spot… Which does make sense to me, but i am still not convinced 100%.
just curious if anyone had any experience in this at all? Any input is greatly appreciated!
Read more: Purchasing a BANK OWNED home at auction?
