Profile picture for liniekoo

I am thinking about buying real estate at a Sheriff's Sale, can you tell me what I need to look at

  • June 29 2010 - Northampton Township
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Answers (5)

Best Answer

Profile picture for ABBAUSA

Do your homework.

Check out each house or property you want to bid on.

Register early with Sheriff's Department ( a local requirement prior to being allowed to bid, do at least 2 days before sale)

Be prepared to hold your purchase for 2 to 4 year. This allows all redemption options and other things to clear out.

Note: Many title companies will not issue title insurance on sheriff's sale before the 2 to 4 years have past.

Deals can be made, but do your homework.

Good Luck!

James Callas - Realtor®
  • June 29 2010
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lol
  • July 01 2010
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Be sure to get title work done.  Alabama has a one year right of redemption so you wouldn't want to make any improvements until the right of redemption is up.
  • June 29 2010
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A quick check of the internet shows that Pennsylvania has no right of redemption, so (it appears) that whomever buys the property at auction can take immediate possession. This is NOT the case in all states.

When you buy a property at sheriffs auction, you may be responsible for any unpaid liens against the property that were not wiped out by the foreclosure. So I would urge you to have a title search before buying to determine whether there may be liens or attachments on the property at the time of sale.

Just remember you may be bidding against the lien holder(s) as well as others, so you may or may not end up with a deal.
  • June 29 2010
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vultures
  • June 29 2010
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