A couple thought they were snagging a $97,606 foreclosure fixer upper at a courthouse sale, only to find out months later they had actually bought its worthless second mortgage. The original was in arrears, and now the house would be sold at another courthouse auction.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
5 comments:
Idiots. A simple title search would have prevented this.
It's always important to do your due diligence.
And NO ONE--- not one person -- involved in the sale of this property thought it was important to tell the buyers that they were not actually buying the property, but just a piece of its debt?? Lets rank the slimiest--- politicians (spit the taste out your mouth now), other government officials, lawyers, real estate agents. Who at the courthouse thought it WASN'T an underhanded low-life SCHEME (WHO BENEFITTED???) to sell a paper debt as a PIECE OF PROPERTY at a courthouse auction (usually reserved for the sale of REAL property?). This is of, for, and by, the people?? NOOOOOOOO...this was of and for the benefit of a bank, a real estate company, and the local government. Shame? The aformentioned entities know nothing of the sort....
stupid people with more money than brains. the silver lining to this cloud is that this incident will make their wealth more commensurate with their mental capacity... hahahahahahaha!!!!
Joe, Buying a home at the courthouse steps comes with many dangers! Yes, you can snag a good deal, but BUYERS BEWARE! You are taking a property that could have multiple liens on the property. You should have a title attorney nearby to check on the properties you are interested in. Once you buy on from the courthouse, the responsiblity is on you! I cant express how important it is to due your due dilligence!
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