I am going to attend my first auction next month and just watch what goes on and document what various properties go for on the steps. I would like to learn a little about the various liens that can be placed on properties. Is there a good link that someone has that shows a sort of rank of all the liens in the order they get paid off at foreclosure, plus which ones will remain?? I would greatly appreciate that…
I did the same thing. Here it seems to be a club of investors buying the houses. They all knew each other by first name! Many of the houses that were supposed to be auctioned, weren’t. They were either postponed, cancelled, or sold prior. Only one was auctioned off and it was a bidding war for about 10 minutes - each person going up $100. I really think it was bid way too high.
As for liens - I know this much - IRS tax liens, property taxes, and HOA liens are before the first mortgage and will need to be paid. Do a search of your property to find out if these liens exist.
Have fun! ;D