Sheriff's Sale Listings

[blazin]

Im browsing thru my county's sheriff sale listings and I dont really understand the buying process of it....

Basically, I have the list of properties and there's a column called 'Debt Amount' and it has 2 dollar amounts listed...

For Example:

Debt
$32,344.33
$3,500.00

Im assuming the larger number is the amount owed, is this the purchase price as well? Whats the smaller number?

[D.H. Jenkins]

You need to contact your county sheriff's office and have them explain it to you. Every state/city/county has different property forfeiture laws and procedures.

[Ballbuster1]

Usually the smaller number is "hand money" required.
You need to have that much cash in hand at the time
of the purchase. The rest you can set up a loan for.

[D.H. Jenkins]

In this county people have 2 years to repay their tax debt and reclaim the house (if it's a tax forfeiture), though they will owe 25% to whoever has the tax deed.

Of course, if it's a property forfeiture for something crime related, then you can probably purchase it 'free and clear'.

[THE FEZ MAN]

be careful with sheriff sales in PA there is a loop hole that allows the original owner to take the property back after you pay the bill. if your really serious you might want to talk to a lawyer first... oh and if you take a close look at those sheriff sales.... most of them are in chester and darby.. not really the garden spots of delco...;)

[Glenn Dandy]

Do yourself a favor and dont mess with Sheriff sales dude... You really need to know what your doing to buy them... or you could seriously fuck yourself.

I went to school to learn about them... and what i learned was... Stay away from them.. they are the equivalent of spending your money at the casino...with the casino the better bet.

[D.H. Jenkins]

Do yourself a favor and dont mess with Sheriff sales dude... You really need to know what your doing to buy them... or you could seriously fuck yourself.

I went to school to learn about them... and what i learned was... Stay away from them.. they are the equivalent of spending your money at the casino...with the casino the better bet.


That's going to depend entirely on the county (and state) in question. One of my tenants processes the tax liens and sales for Bexar County, so I've gotten the walk-through several times on how to buy without getting burned. Our county has provisions which protect purchasers, though, which your county may not.

[blazin]

But the lady on the XM commercial has a $300 mortgage!!! Thats what I want !

[gleet]

I once bought several properties in Arkansas at a sheriff sale. I paid the back taxes and began paying taxes every year. After 5 years, they would become mine. But after 4.975 years, the old owners paid me everything I had paid in and they got their land back, interest free.

OTOH, I bought the two junk mobile homes next door so nobody else could get them and move in, for $33 total. They were ours and we were hauling junk to the dump that afternoon. Later, I bought the acreage when taxes came due on it. Now I have a compound and no neighbors.

[Glenn Dandy]

That's going to depend entirely on the county (and state) in question. One of my tenants processes the tax liens and sales for Bexar County, so I've gotten the walk-through several times on how to buy without getting burned. Our county has provisions which protect purchasers, though, which your county may not.

Theres so many bear traps..tax liens are just the beginning, all back utility's are owed..all property liens are owed..mechanics liens, lawsuites.... the only law that can help you is..If the IRS does not contact you in 90 days you skate that... which is huge... but, If they do contact you? your fucked.

too risky... the inteligent way to buy Sherrif sales homes..Is to confront the family losing their home.. play nice and work a deal that you will pay their mortgage off and save the black mark on their credit... and mayby they walk away with 5000.00 cash.. to start over...a deposit on an apartment and a clear past works wonders with someone in that position.

When it comes to Sherrif sales... common sense should tell you something... you are buying from real estate lawyers.. that work for the banks...If you think the deals so sweet... then, why wouldn't they snatch it up?

bottom line... don't enter the wolves den and espect them to share their food.