I am starting to?research research aution homes, I purchased my first REO and it went really good.? Now I am looking?working in some autions.? One question I havn’t been able to anwser is: is the title clear at the time of the aution? Could there be a second taken out on? the property that I could possibly end up liable for???
No - title is NOT clear, and No, if you buy a 1st you won’t be liable for a junior 2nd. The question is how do you know that you are buying the 1st, and that there isn’t another loan senior to yours. We discuss this issue a lot here in the forum - give it a good read and then feel free to ask additional questions by posting a new topic (rather than a comment).