I am new to REI. I would appreciate a little guidance in this regard.
There is a condo in NJ whose owner is deceased. The property is currently vacant. From my research in the county clerk’s office the property has two municipal(Tax) liens and two liens filed by the condominium association for a total of about 8K.
My question is: In the event I am the successful bidder, if I pay say X+20,000, X being the loan amount for which the property is being foreclosed, when I get the title will the liens be paid off by the excess amount or do I have to foot the bill. What are the other charges I should be aware of?
Should I have a title search done on this property before attending the auction? What happens to the balance amount after the bank pays off all the liens when the owner is deceased?