Foreclosure for sale with existing lien. Any way around it?
Hello All,
I am a first time home buyer (deep breath), and have been looking around with a friend who's a real estate agent. During my searches I found a house that seemed too good to be true. It's in a great neighborhood, has a lot of land, and was dirt cheap. After doing some digging I found that there are liens on the property totaling up to about $800K! Apparently this property used to be used for business purposes and the company ran up a lot of debt then went bankrupt (or so the story goes... ). My question is this; the house has been foreclosed and empty for a very long time and I don't see why anyone would pay close to a million dollars to get it back on the market. Is there any way to get the liens lifted/waived/etc..
This may seem like a naïve question, but I'd rather ask and get a negative answer than not know at all.
Thanks in advance for the input