Several Quick Novice Questions

Foreclosures, Short Sales, Tax Foreclosures
1

Should I get my real estate license?

Just kidding!!! ;D

I have a couple of quick and VERY novice questions. I have done only a little reading on these subjects because, basically, I don’t know what authors are reliable or informative enough to give me proper information. Please let me know if there have been threads posted on these subjects before. I’m still trying to learn this forum.

  1. If I buy a foreclosed house, am I liable for any liens against the property or are they written off?

  2. If I buy a tax lien house, am I liable for any other liens against the property or are they written off?

  3. Should I get a self-instructed course on title searches so I can do them myself?

Thanks for your patience. I’d love to get started in this game. Just need the knowlege so I don’t lose my pants!

2

Howdy Jujubee:

On a foreclosed house you will be liable for liens that the owner did not voluntarily place on the property. If the city sues for tall weeds for instance that lien will stay with the property as well as taxes.

A tax lien sale wipes out all loans the borrower took out on the property. The lien holders can file for any money over and above the tax liens that the sale brings.

All this varies from state to state so verify with your local title company.

I leave it to the pros and buy a policy. You may want to do the same.