With foreclosed property, are you held liable or responsible for any leans against the property, that the current owner has made?

We currently live in PA and would like to retire in FL. We'd like to own our own property and house and not have to pay any fees, as we'll be on a fixed income and can't afford to be paying out monthly fees.. What does $ for the sq. foot mean?
(0) | asked by: Paul Johnson | share | 33 months ago | Report
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answer by Alma Kee    |   Contact Me
If you buy a foreclosure at the county courthouse auction then you will get a Certificate of Title but will also be responsible for any existing superior liens. So before taking a risk with bidding at the auction with ALL CASH, you MUST have the title searched. Contact a title company and you can pay them a fee for this service. Some bank owned, online auction sites will also issue a title insurance policy but it is limited so on those you may want to buy an "extra policy" to cover you. Hope this helps. Alma Kee, Realtor, Tampa
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31 months ago  |   Report   |   share
Yes, you could be liable if the liens are outstanding when you close. Regarding $ for the sq foot means price of property or home per square foot. If it is sq foot of living space, than that is under heat & AC, as opposed to total sq footage under roof. Hope this helps.
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33 months ago  |   Report   |   share
answer by Walter Johnson    |   Visit My Website   |   Contact Me
There are plenty of homes for sale that do not require extra fees. It all depends on what area you are interested in. It sounds like you may have some questions that would be better answered on the phone.
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33 months ago  |   Report   |   share
answer by CAROLYN GIANDONATO    |   Visit My Website   |   Contact Me
Leins must be paid by the seller prior to conveying title or they would not be able to issue title insurance. Do not ever buy a piece of RE without title insurance. As for your second question, fees are paid if the home you live in is in a Homeowners Association, HOA. If you don't want to pay monthly fees, don't buy in a gated community, or any community that requires an HOA fee.
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33 months ago  |   Report   |   share
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