taxes that may not have been paid.
5 thoughts on “when you buy a foreclosure home is the buyer responsible for back property?”
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taxes that may not have been paid.
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If you purchase the foreclosed property at the courthouse steps (foreclosure sale) then you will be responsible for any and all secondary liens on the property. This is just one of the hazards of purchasing foreclosed property.
However, if you purchase property AFTER it has been foreclosed and is listed with an agent or auctioneer, then the mortgage company or bank has probably already paid any secondary liens. They would have done this because in order to receive a marketable title to the property all ‘clouds’ on the title have to be removed.
I’m pretty sure the buyer is accountable, so when you sign for it, make sure that isn’t one of the things that’s going to add to your finances. Get a good lawyer before you sign.
yep.
When banks take a home back (foreclose) they may or may not pay the property taxes in arrears. A title report on the property will show the amount in arrears and also any liens on the property. These usually need to be cleared/paid prior to transferring title.
If you bought the property on the court house steps, yes, you are responsible & a title report prior to buying it that would have showed all back taxes & liens.
We didn’t have too. That’s a question that you’re Realtor should be able to answer for you. To make sure if there are call your local courthouse register of deeds office, they can tell you or direct you where to find out, it’s public info you are able to get this info.