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| Buying & Selling Property Buying and selling real estate property. |
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08-06-2008, 11:12 AM
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#1 |
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Junior Member
Last Online:
08-06-2008 11:29 AM Join Date: Aug 2008
Posts: 2
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Bought house at auction....
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! |
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08-07-2008, 07:29 AM
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#2 |
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Posts: n/a
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Re: Bought house at auction....
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. |
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