Sheriff Sale Auction
helper Sure. My former home was that a of a drug lord. Got the house on the cheap though. Should have been 450K, but picked it up for 250K. The problem was that people would come at all hours of the night looking for the former owner. This quickly become a problem. The good thing was that the former owner hid many goodies throughout the house so it was like a scavenger hunt. Good luck in your hunt.
sackA friend of mine purchased a foreclosed home, not sure if it was at auction. She got more home than she could have afforded otherwise, but everything needed to be fixed. Previous owner didn't care anymore. Even the tracks for the garage doors were gone, sold for scrap.
hktownie @Sack...Did you do a title search on the house before bidding? I was reading that the only thing you are able to do is a title search (no home inspection or entering the property).
Also it seems you have to put 20% down the day of the auction and then you have to pay the balance within 30 calendar days no exceptions.
This house I am interested in, is uninhabitable at this point but has much potential and has been vacant for many years now.
Is it better to wait and see if the bank buys it and then I try purchasing it from the bank?
Helper, Sheriff's sales can be very complicated. The sale can be changed at any given moment. It is in your best interest to do a title search on the property you are interested in. Payment of liens against the property also become the responsibility of the purchaser. There are certain types of liens that have to be paid no matter when they are filed against the property. You are not permitted to go onto the property to check it out. The current owner still has a right to privacy. The status of a property purchased can change even after a sale by court order.
The successful bidder must pay a minimum of twenty percent (20%) of the total bid price at the time of the sale. This has to be paid by cash, certified check or a cashiers check. (There are certain exceptions to this, but this is the norm). Balance is due within 30 days. If you do not pay balance within 30 days you lose your deposit and the house is sold again. You will not be granted additional time to obtain a mortgage. Homeowner can still claim the house for 10 days after sale, you would get your money back in this case.
Upon paying the balance you will receive a deed that needs to be filed by yourself and all fees for such filing need to be paid. The deed does not give you clear title to the property, all taxes, liens and encumbrances need to be satisfied in order to get clear title.
There are actually people who do this "professionally" and you would see the same people week in and week out at the sales. Hope this gave you some information. I know how the system works and I waited until I found a bank owned property, if that gives you any indication.
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