Lets say that a house is foreclosed on or taken over by a government, bank, or tax entity. So if you were to buy it you wouldnt have to worry about any of the original owners' debt.
BUT, if you are buying a fsbo property or a pre-foreclosure, what must you do to protect yourself from acquiring the seller-caused liens or debt hidden and unhidden with or attatched to the property in the deal.
In other words, when you buy the property or assign someone else to buy it, the money that is paid for the property goes first to paying off loans and liens against the property? And what if the debt liability is greater than the sales price of the house. Does the new purchaser get stuck with that leftover debt, is it forgiven, or does it attatch itself back to the original owner himself?
I hope this question makes sense.
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Only those who will risk going too far can possibly find out how far one can go...."