Additional costs beyond the winning bid.
Posted by Ward-CA- on February 20, 2003 at 10:21:55:
In Reply to: Texas foreclosure auction question posted by Angie on February 19, 2003 at 11:01:50:
: When bidding on a property in Denton County Texas at the foreclosure auction, knowing that the foreclosure up for auction is the 1st mortgage, what other fees, taxes, etc... would the winning bidder be responsible for? Unpaid taxes? Lender's attorney fees leading to foreclosure? I have the chance to purchase this home before the auction thru a realtor who is listing the house for a price below market. Not sure if I should go ahead and buy thru the realtor or take my chances on a lower bid price at auction. Thanks for any advice.==============Angie,
The opening bid is the sum total of all that's owed the foreclosing lender. Included in that figure is the foreclosing trustee's fee.
So if you win the bidding war then all you'd have to pay would be the costs of evicting the occupants if any and whatever unpaid property taxes that might exist.
