Q: Do liens transfer to new owners after REO foreclosure?
I am think of purchasing a REO foreclosure, which has a $10K lien on the property from the County. The former property owner is named on the lien, but the Lien date is AFTER the foreclosure date. Would I be responsible to pay this lien should I become the new owner?
A: The buyer should not be responsible for paying off the lien. The lien should be paid off by the seller as a part of the purchase of the property. The escrow company will pay this off and you can verify that with the title company when you get an owner's title insurance policy.
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