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  • Casual Articles - Checking Liens and Property Value: Doing Your Homework on Foreclosures

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    s the property's mortgage has a lien against the home. However, liens can also be placed against the property for outstanding taxes and other unpaid debts. If
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    Before signing any agreements or finalizing any pricing on a foreclosure property, you need to do some homework to ensure that you are getting a good deal. A big mistake some buyers have made when purchasing at the pre-foreclosure or even the auction stage is buying a home without knowing that it had additional liens on it and not knowing that the value of the home was less than they thought.

    Here's how you can prevent those mistakes from happening to you.

    Checking Property Liens

    A lien is a claim against the property by made by someone in order to secure payment of a debt. For example, the lender who holds the property's mortgage has a lien against the home. However, liens can also be placed against the property for outstanding taxes and other unpaid debts. If

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    ig mistake some buyers have made when purchasing at the pre-foreclosure or even the auction stage is buying a home without knowing that it had additional liens on it and not knowing that the value of the home was less than they thought.

    Here's how you can prevent those mistakes from happening to you.

    Checking Property Liens

    A lien is a claim against the property by made by someone in order to secure payment of a debt. For example, the lender who holds the property's mortgage has a lien against the home. However, liens can also be placed against the property for outstanding taxes and other unpaid debts. If

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    on it and not knowing that the value of the home was less than they thought.

    Here's how you can prevent those mistakes from happening to you.

    Checking Property Liens

    A lien is a claim against the property by made by someone in order to secure payment of a debt. For example, the lender who holds the property's mortgage has a lien against the home. However, liens can also be placed against the property for outstanding taxes and other unpaid debts. If

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    cking Property Liens

    A lien is a claim against the property by made by someone in order to secure payment of a debt. For example, the lender who holds the property's mortgage has a lien against the home. However, liens can also be placed against the property for outstanding taxes and other unpaid debts. If

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    s the property's mortgage has a lien against the home. However, liens can also be placed against the property for outstanding taxes and other unpaid debts. If a second mortgage has been taken out on the property, then this is another lien against it, too.

    If you purchase the property without being aware of these additional liens, ownership of the property will not be transferred to you until those debts are taken care of as well. This is why some buyers choose to purchase property in the REO stage because by this point the only lien holder is usually the lender.

    However, you can and should check for property liens on any foreclosure property you are considering purchasing.

    To check for tax liens, you may need to contact the county revenue office for the areas where the

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