While searching this morning for info on sheriff's sales, I found this online article by a PA law firm explaining why one should get a survey when one purchases property.
article from lawyer re: necessity of survey> Ha Ha,
I get it!
Interesting article link you've located.... I bet there really is an article out there somewhere!!! or am I dense this morning and missing the joke instead of missing the link?
article from lawyer re: necessity of survey> Ha Ha,
John probably likes you to wait for the punch line.
Maybe it's
"Why you should get a land survey when purchasing property?
To make lawyers more money".
or:
No. 1: _____________________________(blank)
😉
Okay, playing along here. John, did you mean to post a link?
article from lawyer re: necessity of survey> Ha Ha,
Now that was funny. I didn't see the link either!!
I was just reading about people who unknowingly bid on a second lean, moved in, then got foreclosed on by the first lean. Apparently, the auctioneer is not required to disclose this information, and it's up to the bidders to research the mortgage/lean history.
The trustees are only selling the INTEREST that the creditor (bank) has in the home.
Trustees normally do not disclose information about the loan order.
Again only the interest is sold. A buyer still has to obtain the deed from the trustee and perfect title to have legal standing on ownership (of that interest).
If it was a Second Loan (not primary or the first) and it is bid upon at foreclosure auction, then the buyer purchased only the second loan, and the first must still be paid off.
Not a good scene with the current value of so many homes not being worth the amount of even the first loan.
Auction Bidders have to know what they are doing. Researching the deeds, reconveyances, liens… And know which loan they are bidding on. No one is going to tell them. If a bidder doesn’t know, he shouldn’t be bidding.
So, there could be a $250,000 first loan and a $130,000 second on the same home.
If the second bank forecloses and a bidder purchase the second at auction for say $105,000, thinking he is getting a good deal for a home that is currently worth $220,000.
So, he paid the second ($105,000) and then realizes that he must still pay off the first ($250,000), for a total of $355,000.
All for a home now valued at $220,000...