What You Need To Know About Buying A Foreclosure (2)
If you’re a buyer considering a foreclosure purchase, be sure you’ve evaluated the advantages and disadvantages of this type of transaction first. If there are no bids higher than the opening bid, the property will be purchased by the attorney conducting the sale, for the lender. The certified check or money order is made payable to the Johnson County Sheriff’s Office no later than 3pm on the date of the sale. This process involves the sale of the property by the mortgage holder without court supervision (as elaborated upon below).
In the United States, although states have their own variations, the basic premises of foreclosure law remain the same. Along with the address, date and sales price is included the mortgage amount, if any, the year of the previous sale of the property and the price paid in that previous sale. In California, lenders can foreclose on deeds of trust …
