Thinking of bidding on a foreclosed property? Take care… You may be bidding on tax liens and other debt accrued by the previous home owner.
Before bidding, establish what debt may be part of the package. Order a title search to find out what liens or fees may be involved with the property.
The last thing you would want to find out is that the responsiblity of any senior liens (first mortgages), junior liens (second mortgages or other claims against the property), or tax liens transferred to you in the purchase.
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