[quote=temeculaguy]When buying at the courthouse, you have settle with all the liens[/quote]
I’m curious about this part. Suppose you bought a place off the steps, and it had a 200k second on it. Essentially, you just bought that second, correct? Would the holder of the second be able to then demand 200k from you?
If the bank took it back, wouldn’t the second get wiped out? Why does it get wiped out when the bank takes it back but not when a third party takes it?
I think what TG is saying is correct, at least I’ve heard this before, but I’m just trying to understand this better.
Also, I’ve heard that if you buy a place on the courthouse steps, there could be other liens that you don’t even know about. For instance, a contractor who did some work on the property but didn’t get paid for it, could be in the process of filing the lien. The lien might not show up for a month or two after the auction, but when it did you would be libel for that. Anyone know if this is true or just internet misinformation?
