How to Find Liens That Can Survive Florida Foreclosures
While it may feel like you’ve hit the jackpot when you’ve secured a particularly cheap property during a courthouse auction, the reality can be quite different.
Lack of awareness about the potential liens and costs you’ll have to end up paying to gain the title deed and own the property can end up putting you in debt instead. Be aware of obligations that you, as the purchaser, have to be responsible for before buying a property at an auction.
Conduct a Title Lien Search
Running a thorough title lien search can help you find out all the costs and debts accumulated on a property that’s being auctioned soon. Depending on what type of auction you’re attending, the trustees selling the property may be one of the parties’ debt or payment is owed to.
Deeds are not the only liens you may be liable for paying. Second mortgages, equity loans, lines of credit are some examples of additional obligations you have to fulfill once you purchase the property.
Find a Title Agency to Help You Out
Finding all the liens and additional documents of the property you’re considering purchasing at an auction can be challenging. Simplify the process when you entrust a title agency to handle the process for you.
They will find out all necessary debts and payments owed on the property and can even advise you on whether it’s a productive investment or not.
Know of All Potential Debts and Costs Before You Get Involved
Once you’ve purchased the property, it’s hard to get out of paying the associated costs that come bundled with it. You would need to examine the chain of title to figure out which liens payment you’re responsible for and which have already expired.
You may also be liable to pay taxes and other costs that come with the property. It’s best to get in touch with an expert or an attorney to figure out the chain of payments associated with the property you’re looking into buying.
Depending on what type of property you’re looking into buying and whether governmental authorities have issued any liens or judgments, the procedure of paying the liens may differ.
Not all liens survive foreclosures, so you also have to ensure that you’re not paying off any liens you’re not responsible for. Usually, tax liens take priority over all other types of property mortgages. Find out which ones you have to pay first and sort out an order of payment immediately once you’ve bought the property.
Need Help with Your Title Lien Search? Our Experts Will Help You Out
When you’re thinking of buying a property at an auction, it’s not an impulsive decision and requires a lot of thought and research. When you want to know the entire financial history and lien obligations that will transfer over to you, trust our experts at Nationwide Title Agency to help you out.
Nationwide Title Agency
Prevent paying any more than you have to when you get experts to do a thorough search across public records on your behalf. Call 888-308-6465 to set up an appointment as soon as possible!