 purchase property at auct (by Gary [DC]) Mar 5, 2010 8:52 PM
 purchase property at auct (by Irish [MD]) Mar 5, 2010 8:59 PM
purchase property at auct (by Robert J [CA]) Mar 5, 2010 9:09 PM
purchase property at auct (by Suzanne [TX]) Mar 5, 2010 9:39 PM
purchase property at auct (by Chris [CA]) Mar 6, 2010 3:44 PM
purchase property at auct (by Gary [DC]) Posted on: Mar 5, 2010 8:52 PM
Message:
State Specific Question About: MARYLAND (MD)
Hello, I was the winning bidder on a single family detached home that was sold at a trustees auction at the Prince george's County, MD courthouse. It may be four months before I can close on this property, due to the ratification process. While i am waiting, what are my rights as far as the property is concerned, the former homeowner is still in the home. i have tried to contact her, to no avail. Can I insure the home at this time? can I evict her before the sale has been ratified? Thanks in advance. --164.82.xxx.x |
purchase property at auct (by Irish [MD]) Posted on: Mar 5, 2010 8:59 PM
Message:
Seems to me that you have no rights until you finalize the deal....and get the prop in your name.. --173.59.xxx.xx |
purchase property at auct (by Robert J [CA]) Posted on: Mar 5, 2010 9:09 PM
Message:
Until you hold title you can not start an eviction. A lot of lenders and owners of Trust Deeds aren't going through the trouble to evict since the process can sometimes take 7 months. They just sell it with an owner or tenant living in the property. When I purchase a property like this, they day after I own it, I post a 24 hour Notice to Enter. The next day I show up with the police and take pictures. I ask if the person wants to stay and pay rent. If so, they fill out an application and come up with funds. If not - then I ask what will it take for them to move out within the next 15-20 days. I offer them cash for keys..... if not I evict. Good luck. --98.119.xxx.xx |
purchase property at auct (by Suzanne [TX]) Posted on: Mar 5, 2010 9:39 PM
Message:
It is amazing to me that you bought it without knowing much about your situation in regard to ownership. State laws vary, but in my state I understand the person who lost the prop can redeem it by paying the back taxes and then the buyer gets nothing.
No insurance company will insure a property for you that you do not even have title to.
I wonder if you have checked whether there are any liens on the property, or title problems? --70.138.xx.xx |
purchase property at auct (by Chris [CA]) Posted on: Mar 6, 2010 3:44 PM
Message:
There was no information leaflet or website?
I bought lots at tax auction - and got hit with unexpected water bonds costing many times the purchase price. How did you do your due dilligence? A friend bought a house with ~ 20 years unpaid water bill and the seller, an attorney, turned and threatened to sue. Could you get title insurance? hope the deal was good and safe! --125.25.xx.xxx |
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