How To Buy House At Sheriff S Sale

Follow along for some good tips at how to recognize a good deal vs.

How to buy house at sheriff s sale. In some areas of the country they re actually conducted on the front steps of the courthouse rather than inside. A sheriff s sale is open to the public. On top of all of this you must have the cash available to bid at a sheriff s sale. Then contact the owner to see if they are open to making a deal. If you re interested in properties in a specific area you can ask the sheriff for that area to put you on his or her mailing.

Instead of waiting for a property to hit a sheriff s sale you can take a few steps to purchase the home before it even ends up in foreclosure. You ll need to first locate a home that has been issued a notice of default. However at many of the auctions that i attend the bank is the only bidder and gets title to the property. Read the classified section of the local newspaper to find out where and when the sheriff s sales are in the area where you d like to purchase a home. Time to complete the sale varies from 24 hours to up to 10.

Investors can bid against the foreclosing lender. The initial deposit must be made via certified check and the remainder is due within 30 days. You must register as a bidder beforehand. For example if you win the house at 100 000 and the sheriff s office requires a 20 percent down payment you must have 20 000 either in cash or a certified check. Contact the local sheriff.

If you do not have access to the local newspaper try calling the town clerk s office or a real estate agent. Joe goes through his process for buying houses through the sheriff sale. The simpler ways to find properties are. Obtain a cashier s check in the amount of your bid less your deposit amount and complete the sale to obtain a deed to the property. Lenders sometimes attend or send a representative in an effort to bid to try to buy back their own property.

At the sale the lender will typically place a credit bid for the property. In lehigh county pennsylvania 10 of the winning bid must be paid at the time of the sale prior to leaving the courthouse. Sales typically take place in the sheriff s office or at the county courthouse. Associate broker stephanie salanik explains the process of buying a property at sheriff sale.