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  • June 1, 2009 at 3:28 PM #409276
    Eugene
    Participant

    [quote=jpinpb][quote=SD Realtor]second is wiped out. [/quote]

    I thought if you buy on the steps you assume any debts w/the place. [/quote]

    It depends. Some debts are assumed, some debts are wiped, some debts stay on the former owner. That’s why it is important to do your research before bidding. In this case, the second is most likely wiped. Unpaid property taxes (if any) would be assumed.

    June 1, 2009 at 4:14 PM #408600
    SD Realtor
    Participant

    Once again, the subordination will determine what is wiped out and what is not. Different conditions apply for different items. IRS liens and property tax liens…not wiped out. Open permit issues, not wiped out. Other stuff possibly, not wiped out. Many items do get wiped out, some do not.

    This falls into the category of the homework that sdr referred to.

    In this particular transaction, the second loan as I said, and will say again, was wiped out.

    June 1, 2009 at 4:14 PM #408838
    SD Realtor
    Participant

    Once again, the subordination will determine what is wiped out and what is not. Different conditions apply for different items. IRS liens and property tax liens…not wiped out. Open permit issues, not wiped out. Other stuff possibly, not wiped out. Many items do get wiped out, some do not.

    This falls into the category of the homework that sdr referred to.

    In this particular transaction, the second loan as I said, and will say again, was wiped out.

    June 1, 2009 at 4:14 PM #409087
    SD Realtor
    Participant

    Once again, the subordination will determine what is wiped out and what is not. Different conditions apply for different items. IRS liens and property tax liens…not wiped out. Open permit issues, not wiped out. Other stuff possibly, not wiped out. Many items do get wiped out, some do not.

    This falls into the category of the homework that sdr referred to.

    In this particular transaction, the second loan as I said, and will say again, was wiped out.

    June 1, 2009 at 4:14 PM #409148
    SD Realtor
    Participant

    Once again, the subordination will determine what is wiped out and what is not. Different conditions apply for different items. IRS liens and property tax liens…not wiped out. Open permit issues, not wiped out. Other stuff possibly, not wiped out. Many items do get wiped out, some do not.

    This falls into the category of the homework that sdr referred to.

    In this particular transaction, the second loan as I said, and will say again, was wiped out.

    June 1, 2009 at 4:14 PM #409301
    SD Realtor
    Participant

    Once again, the subordination will determine what is wiped out and what is not. Different conditions apply for different items. IRS liens and property tax liens…not wiped out. Open permit issues, not wiped out. Other stuff possibly, not wiped out. Many items do get wiped out, some do not.

    This falls into the category of the homework that sdr referred to.

    In this particular transaction, the second loan as I said, and will say again, was wiped out.

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