Bought house at auction....

[Strongbad]

I went with a friend to a "Writ of Execution" auction here in Texas. He bought a house spontaneously for $1000, and almost immediately decided he wished he hadn't.

He is now offering it to me for his original $1000.

The house has a lien against it, I assume by the mortgage company for about $40k. It currently has rent paying tenants and the original owner has already contacted him about buying the property back.

I am interested, but I am concerned about the lien.

I have been told there are ways to extinguish the lien and I have an appointment with a real estate attorney next week, but I am just trying to do my homework before meeting with the lawyer.

Any advice yall can offer is greatly appreciated. Thanks!

Normally the lien will have to be paid off to get rid of it.

Many lenders are negotiating these days however.

It is a very good idea to have legal counsel review what is the status with the property.