What percentage of properties sold at a trustee auction have clear title?
I would like to look at buying a property at a trustee sale/auction. What happens if I do not get clear title. Does the Jr Lien holder have any rights. How long is the process to clear title? Can it be possible to never get clear title?
They are clear title. Ask the county Treasurer for the latest title search.
The Treasurer’s Office is responsible to do a title search before placing the property on the auction block.
If one does slip through the Treasurer must refund your deposit and void the deal.
They are clear title. Ask the county Treasurer for the latest title search.
The Treasurer’s Office is responsible to do a title search before placing the property on the auction block.
If one does slip through the Treasurer must refund your deposit and void the deal.
References :
You will buy a property that is encumbered with any senior liens, mortgages, and encumbrances. In some instances, it is the most senior lienholder that is foreclosing the property, so you as buyer will essentially be receiving clear title. But, sometimes it is one of the junior lienholders that is foreclosing, in which case you will be buying a property that is encumbered with one or more mortgages. A foreclosure of a junior lien does not wipe out any senior liens. The trustee will not tell you if there are any senior encumbrances on the property. You must look at the trustee notice top determine which lien is being foreclosed, then do a title search to determine the status of all the liens on the property, and the effect the trustee sale will have on those liens.
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