Quote:
Originally Posted by DasBoot
Also be aware of any outstanding liens. The auction gavel is not absolute (neither is the closing).
There was a story here of a young couple who purchased a home at the County tax auction...no-one bid against them. They landed the home for something like $75k (probably worth around $150k at the time). Later, they discovered liens totalling over $200k.  |
Outstanding liens are the killer. On a condo, you need to know of municipal liens plus any back condo fees due -- verify on a Certificate of Municipal Liens and a Condo 6-D Certificate. This info is usually available from the auctioneer.