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Questions and Answers / Help with Sheriff's Sale
« on: July 12, 2006, 09:51:26 PM »
Hi everyone,
I have a few questions... There is a sheriff's sale coming up this week and I was planning on putting in a bid for a house that was going up for auction... I just want to make sure i know what im getting into though first.
the story is this - the house is a nice sized home on a good lot - in 2002 it was built. In October of 02, there are two transactions on the title search...
1) TRANSFER for about $100k from "Jane Doe and John Doe" to Jane Doe (the same one that was the transferor)... I'm guessing this means that it was a divorce possibly... I looked up the PR # on the microfiche... and it came up with this... Under the "total consideration for this transaction"... $100,000 is listed as the Mortgage Assumed, but it doesnt show any principal / interest for this 100k...
2) On the same day, there is a transaction of "CHARGE" to Bank of Montreal for $210,000 which shows up as the mortgage... So I'm not sure if the $100,000 is money I'd be liable for if I won the property, or if it was perhaps money she paid to her possible ex-husband for the house in a settlement...
?? any ideas?
The house is being sold at the suit of a pool company who, in 2003, charged her $68,000 for a pool... They have put a lien dated from 2003 against the property for $47,000.. I assume, if I won this property, I'd be liable for this $47,000 plus the principal remaining on the $210,000 mortgage...
I have not yet done an execution search against the lady - I'm gonna do that tomorrow, as well as a search for tax arrears.
For the area, I am guessing the house should go for about $500,000+ in pristine condition - 2 years ago, it was listed on the MLS for $560,000 but didnt sell.
What would be the process of acquiring this house, if I won?? How would I evict the tenants, how long would that take, etc.
Anyone help a newbie out a little?
Thanks!!
I have a few questions... There is a sheriff's sale coming up this week and I was planning on putting in a bid for a house that was going up for auction... I just want to make sure i know what im getting into though first.
the story is this - the house is a nice sized home on a good lot - in 2002 it was built. In October of 02, there are two transactions on the title search...
1) TRANSFER for about $100k from "Jane Doe and John Doe" to Jane Doe (the same one that was the transferor)... I'm guessing this means that it was a divorce possibly... I looked up the PR # on the microfiche... and it came up with this... Under the "total consideration for this transaction"... $100,000 is listed as the Mortgage Assumed, but it doesnt show any principal / interest for this 100k...
2) On the same day, there is a transaction of "CHARGE" to Bank of Montreal for $210,000 which shows up as the mortgage... So I'm not sure if the $100,000 is money I'd be liable for if I won the property, or if it was perhaps money she paid to her possible ex-husband for the house in a settlement...
?? any ideas?The house is being sold at the suit of a pool company who, in 2003, charged her $68,000 for a pool... They have put a lien dated from 2003 against the property for $47,000.. I assume, if I won this property, I'd be liable for this $47,000 plus the principal remaining on the $210,000 mortgage...
I have not yet done an execution search against the lady - I'm gonna do that tomorrow, as well as a search for tax arrears.
For the area, I am guessing the house should go for about $500,000+ in pristine condition - 2 years ago, it was listed on the MLS for $560,000 but didnt sell.
What would be the process of acquiring this house, if I won?? How would I evict the tenants, how long would that take, etc.
Anyone help a newbie out a little?
Thanks!!