Beware of Those Liens When Buying a Foreclosed Los Angeles Home
Thank you for writing this blog. I had found out about this when one of our clients went to an Auction and did not bother to ask our opinion and went ahead to win the bid and bought a property. When he realized there's a lot of matters to take care before he can get a clean title, that's when he approached us and asked for our help. He ended up spending a lot. I have came to a conclusion that a better bargain are in REO or Short Sales which a purchaser can be protected more by using a Professional to assist them.
We are back to the point about buying a Los Angeles home for a bargain. You generally get what you pay for.
If you are thinking of buying a home at a foreclosure auction then beware of unknown matters that could pop up, as you will probably not be offered title insurance on the property. In a regular sale, the Seller will be paying for your title insurance. You could be inheriting a bunch of problems which will make it difficult for you when it comes to selling the property.
What matters are we talking about here?
1. Property Taxes
2. Senior Liens
3. HOA Liens if the foreclosing lien is not a first mortgage
4. Federal taxes (IRS has 120 redemption period)
5. Mechanics’ liens that have priority
6. Quiet Title Action due to fraud
7. City Government liens (sewer, trash, abatement, etc.)
8. Federal judgement liens
9. Bankruptcies (if no evidence of the Automatic Stay lifted)
10. Easements, Agreements, and CC&Rs.
You may be able to get a binder from a title company to insure a future transaction ,which may require you to clear all existing matters before an actual sale or refinance.
The foreclosure is not quite the bargain it first seems.
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(all data current as of 1/22/2012)
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