OfflineI was wondering if someone could clear this up for me:
When you find a home in foreclosure, and it's listed at a deeply discounted price of $10,000. It's a NOTICE OF TRUSTEE SALE. Does that mean that you have to "assume" the mortgage payments and back taxes still owed on it too? In other words, is the $10,000 the exact price of owning that property, or is there "hidden" liabilities that I should be aware of?
If there are liabilities, should I negotiate with the lender/bank to eliminate it?
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Yournameinvain, I am not quite sure I understood your question but here we go. When a property has a scheduled "Trustee Sale Date" all this means is that the lender (usually the first lien holder of the property) is foreclosing on the subject property and their appointed Trustee will be auctioning the property to the highest bidder. If the property does not sell at the first auction, then the foreclosing lender ends up purchasing the property and they keep it as an REO (Real Estate Owned by bank). Then the lender will usually assign a REALTOR to market and sell the property for them. If the property ends up on the lenders books as an REO, this means that the lender who foreclosed on the property obtained a "Trustees Deed" which is the document that confirms they are the new owners of the property. Hope my response was helpfull.
Oh, no I understand that.
I want just wanting to know if I buy it at whatever price, is there going to be mortgages or hidden taxes on the property that I have to assume when I become the new owner of the property.
If you win the auction, that means that the only expense you'll be spending on the property is the auction price, right? (I know you'll have to pay property taxes, insurance and other stuff, but that's after you own the property)
Okay, I understand Trustee sale notice. Can you explain "transfer value" to me?