Questions for the auction process at San Diego court yard — please help

[sweethome]

We are interesting in purchasing an investment property from the foreclosure auction. Did anyone have the experience at San Diego court yard? Please help us on clarifying the following questions:

1 Does the winning bidder need provide all fund in cashier’s check? Since we do not know the final bid before hand, how do you prepare the check? Will the auctioner provide cash change if the winning-bid amount is < the check $$? 2 How can you check the linens against certian properties? in particular about federal and state income tax? 3 If the current owner who ... • has 2+ loans • has no liquidation on the property (the amount owed is much more the auction amount) • owed Fed tax linen • got foreclosed on the 1st loan • got the auction amount + 2nd loan higher than market value will Fed tax linen be wiped out or IRS still want to buy back? Thanks very much in advance!

[UCGal]

LOL – I just answered your same question over on sdlookup.com.

1) Staggered checks or checks for higher than the amount and get paid the “change” a week or so later.

2) You can look up the previous owner on the county records database site.
http://arcc.co.san-diego.ca.us/services/grantorgrantee/search.aspx

If you don’t know who the owner is – you can usually figure it out by plugging in the address to the property tax database

https://www.sdctreastax.com/ebpp3/(fbvk2bn0j131r0450qy1ts45)/Start.Aspx

(this will also tell you if property taxes are current.) Take the owners name from this tax record- and plug it into the grant deed search… You’ll see federal and state tax liens on that.

also look for mechanics liens, absentee judgements, etc… all red flags. I’m not sure – but I think judgements about unpaid child support can show up.

3) I think the 2nd gets wiped out at trustee sale. Fed tax liens must be settled, I’m pretty sure. So you should avoid properties that have these kind of red flags.

[UCGal]

LOL – I just answered your same question over on sdlookup.com.

1) Staggered checks or checks for higher than the amount and get paid the “change” a week or so later.

2) You can look up the previous owner on the county records database site.
http://arcc.co.san-diego.ca.us/services/grantorgrantee/search.aspx

If you don’t know who the owner is – you can usually figure it out by plugging in the address to the property tax database

https://www.sdctreastax.com/ebpp3/(fbvk2bn0j131r0450qy1ts45)/Start.Aspx

(this will also tell you if property taxes are current.) Take the owners name from this tax record- and plug it into the grant deed search… You’ll see federal and state tax liens on that.

also look for mechanics liens, absentee judgements, etc… all red flags. I’m not sure – but I think judgements about unpaid child support can show up.

3) I think the 2nd gets wiped out at trustee sale. Fed tax liens must be settled, I’m pretty sure. So you should avoid properties that have these kind of red flags.

[UCGal]

LOL – I just answered your same question over on sdlookup.com.

1) Staggered checks or checks for higher than the amount and get paid the “change” a week or so later.

2) You can look up the previous owner on the county records database site.
http://arcc.co.san-diego.ca.us/services/grantorgrantee/search.aspx

If you don’t know who the owner is – you can usually figure it out by plugging in the address to the property tax database

https://www.sdctreastax.com/ebpp3/(fbvk2bn0j131r0450qy1ts45)/Start.Aspx

(this will also tell you if property taxes are current.) Take the owners name from this tax record- and plug it into the grant deed search… You’ll see federal and state tax liens on that.

also look for mechanics liens, absentee judgements, etc… all red flags. I’m not sure – but I think judgements about unpaid child support can show up.

3) I think the 2nd gets wiped out at trustee sale. Fed tax liens must be settled, I’m pretty sure. So you should avoid properties that have these kind of red flags.

[UCGal]

LOL – I just answered your same question over on sdlookup.com.

1) Staggered checks or checks for higher than the amount and get paid the “change” a week or so later.

2) You can look up the previous owner on the county records database site.
http://arcc.co.san-diego.ca.us/services/grantorgrantee/search.aspx

If you don’t know who the owner is – you can usually figure it out by plugging in the address to the property tax database

https://www.sdctreastax.com/ebpp3/(fbvk2bn0j131r0450qy1ts45)/Start.Aspx

(this will also tell you if property taxes are current.) Take the owners name from this tax record- and plug it into the grant deed search… You’ll see federal and state tax liens on that.

also look for mechanics liens, absentee judgements, etc… all red flags. I’m not sure – but I think judgements about unpaid child support can show up.

3) I think the 2nd gets wiped out at trustee sale. Fed tax liens must be settled, I’m pretty sure. So you should avoid properties that have these kind of red flags.

[UCGal]

LOL – I just answered your same question over on sdlookup.com.

1) Staggered checks or checks for higher than the amount and get paid the “change” a week or so later.

2) You can look up the previous owner on the county records database site.
http://arcc.co.san-diego.ca.us/services/grantorgrantee/search.aspx

If you don’t know who the owner is – you can usually figure it out by plugging in the address to the property tax database

https://www.sdctreastax.com/ebpp3/(fbvk2bn0j131r0450qy1ts45)/Start.Aspx

(this will also tell you if property taxes are current.) Take the owners name from this tax record- and plug it into the grant deed search… You’ll see federal and state tax liens on that.

also look for mechanics liens, absentee judgements, etc… all red flags. I’m not sure – but I think judgements about unpaid child support can show up.

3) I think the 2nd gets wiped out at trustee sale. Fed tax liens must be settled, I’m pretty sure. So you should avoid properties that have these kind of red flags.

[sweethome]

Thanks again UCGal! It’s very helpful.

The property we are interested in has both IRS and state income tax liens. We had thought that winning-bidder doesn’t need to pay the above tax liens, but IRS has redemption rights to buy back the property within 120 days…

So, how to settle the income tax liens with government, pay the full amount? or negotiate to reduce the amount? Geeze…

[sweethome]

Thanks again UCGal! It’s very helpful.

The property we are interested in has both IRS and state income tax liens. We had thought that winning-bidder doesn’t need to pay the above tax liens, but IRS has redemption rights to buy back the property within 120 days…

So, how to settle the income tax liens with government, pay the full amount? or negotiate to reduce the amount? Geeze…

[sweethome]

Thanks again UCGal! It’s very helpful.

The property we are interested in has both IRS and state income tax liens. We had thought that winning-bidder doesn’t need to pay the above tax liens, but IRS has redemption rights to buy back the property within 120 days…

So, how to settle the income tax liens with government, pay the full amount? or negotiate to reduce the amount? Geeze…

[sweethome]

Thanks again UCGal! It’s very helpful.

The property we are interested in has both IRS and state income tax liens. We had thought that winning-bidder doesn’t need to pay the above tax liens, but IRS has redemption rights to buy back the property within 120 days…

So, how to settle the income tax liens with government, pay the full amount? or negotiate to reduce the amount? Geeze…

[sweethome]

Thanks again UCGal! It’s very helpful.

The property we are interested in has both IRS and state income tax liens. We had thought that winning-bidder doesn’t need to pay the above tax liens, but IRS has redemption rights to buy back the property within 120 days…

So, how to settle the income tax liens with government, pay the full amount? or negotiate to reduce the amount? Geeze…

[ucodegen]

3) I think the 2nd gets wiped out at trustee sale. Fed tax liens must be settled, I’m pretty sure. So you should avoid properties that have these kind of red flags.

It is correct that the second gets wiped out at trustee sale. It is a subordinate loan to the first. Tax liens do have to be settled unless the property has been taken for ‘taxes’ as opposed to foreclosed upon. Also watch out for other liens as well (HOA, mechanics). I wouldn’t stay away from this type, but it is important to find all liens/mortgages associated with a property and determine what their disposition will be at sale, whether tax sale or foreclosure.

[ucodegen]

3) I think the 2nd gets wiped out at trustee sale. Fed tax liens must be settled, I’m pretty sure. So you should avoid properties that have these kind of red flags.

It is correct that the second gets wiped out at trustee sale. It is a subordinate loan to the first. Tax liens do have to be settled unless the property has been taken for ‘taxes’ as opposed to foreclosed upon. Also watch out for other liens as well (HOA, mechanics). I wouldn’t stay away from this type, but it is important to find all liens/mortgages associated with a property and determine what their disposition will be at sale, whether tax sale or foreclosure.

[ucodegen]

3) I think the 2nd gets wiped out at trustee sale. Fed tax liens must be settled, I’m pretty sure. So you should avoid properties that have these kind of red flags.

It is correct that the second gets wiped out at trustee sale. It is a subordinate loan to the first. Tax liens do have to be settled unless the property has been taken for ‘taxes’ as opposed to foreclosed upon. Also watch out for other liens as well (HOA, mechanics). I wouldn’t stay away from this type, but it is important to find all liens/mortgages associated with a property and determine what their disposition will be at sale, whether tax sale or foreclosure.

[ucodegen]

3) I think the 2nd gets wiped out at trustee sale. Fed tax liens must be settled, I’m pretty sure. So you should avoid properties that have these kind of red flags.

It is correct that the second gets wiped out at trustee sale. It is a subordinate loan to the first. Tax liens do have to be settled unless the property has been taken for ‘taxes’ as opposed to foreclosed upon. Also watch out for other liens as well (HOA, mechanics). I wouldn’t stay away from this type, but it is important to find all liens/mortgages associated with a property and determine what their disposition will be at sale, whether tax sale or foreclosure.

[Author]

Posts