Legal Question in Real Estate Law in Massachusetts

Auctions

I am thinking of looking into a condo that is being auctioned soon. I need to know what the procedure is - where do I go to get information on the property and what to look for. I saw a listing in the newspaper that only lists the date, time and address with no other info. How do I find out how much it is being sold for in total. In the ad, it states they want a $5000 deposit and the rest to be paid in 30 days. No Mortgage???? I need to know how to proceed.


Asked on 4/26/04, 2:07 pm

1 Answer from Attorneys
David Summer Law Office of David B. Summer

Re: Auctions

Most auctioned property is sold "as is." There's generally no home inspection, etc. If you need financing you should contact a qualified mortgage as soon as possible to line up the financing before the auction. The mortgage broker can arrange to check the property's title, etc., most likely for a fee. If you don't require financing, you should hire an attorney to make sure that the title is clear and that other issues are resolved before an offer is extended. If you need a referral or have any further questions, please give me a call.

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Answered on 4/26/04, 2:23 pm


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