|
Establish the position of the lien you want to bid on (foreclosure
does not wipe out senior liens and encumbrances).
|
|
Check to see if senior liens are assumable.
|
|
Know what you are buying: fee simple, leasehold, partial interest,
or ???
|
|
Verify the property address and location.
|
|
Establish the position of the lien you want to bid on (foreclosure
does not wipe out senior liens and encumbrances).
|
|
Check all parties on title against signatures on the deed of trust
to avoid buying a partial interest in the property.
|
|
Obtain a good evaluation of the property.
|
|
Check for hidden damage; i.e. sinking, sliding, leaking roofs, etc.
|
|
Review any applicable CCRs.
|
|
Senior judgments less than ten years old may continue to affect the
property after the sale.
|
|
Check for subordination agreements and clauses. |
|
Consider the cost and time involved with evictions if the
property is not vacant. |
|
Check for the possibility of rent control. |
