Foreclosure in Gibsonia>Question Details

Jnk715, Home Buyer in Gibsonia, PA

How does a sheriff sale work?

Asked by Jnk715, Gibsonia, PA Mon Sep 28, 2009

Can you get a loan if you are the winning bidder? Any tax implications? Can you get an inspector to check out the office before the sale? Can you buy the house through the seller before auction? Can you show up to the sale for free? Thanks.

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3
John Stimson’s answer
Depending on your county and their rules you may or may not have time to get a mortgage. My county wants to close in 30 days but with mortgages taking longer these days you need cash to buy at a sheriff's sale.

You can get an inspector to check out the property before the sale if it is occupied or listed with a Realtor and you can get permission and access to the property. You will also have to pay for the inspection at the time it is done.

It is possible to but the property from the owner prior to sale but it isn't very likely to happen. The reason is that most times the value of the property and the balance owed in nearly the same so if you are looking for a deal you will be wanting to do a short sale. But do not let the name fool you. Short sales can take up to 6 months from start to finish.

Sheriff's sale are open to the public.

Sheriff's sales are usually the last straw for the lender. Lenders have exhausted every other avenue to try to bring the owners current without success and are now looking to try to get as much as they can in order to satisfy the loan. They are usually looking for about 80% of the loan balance. If the bids don't go that high the bank will keep the property and finish the foreclosure and list it with a Realtor when the foreclosure is finished.

Hope this helps.
1 vote Thank Flag Link Tue Nov 17, 2009
JNK - Sheriff sales are handled once a month in the Gold Room of the county building downtown. This is open to the public and free. I used to attend myself from time to time although I never had the guts to actually bid on a place. The pace is very fast and most homes go back to the bank. Homes going up for sale are advertized in the Post Gazette (used to be on Monday I believe). You really need to find out about background leins on the homes because the prices sound great but it's not the whole story. The people down at the county building are actually quite helpful. You can contact me if you like through my website if you have any more questions http://www.eathompson.com . I'm from Gibsonia also so I have a little feel for this. Good luck.
1 vote Thank Flag Link Tue Nov 17, 2009
Jnk715

Here's the Sheriffs site in Allegheny County with the information for Bidders and more...There are also contact numbers if you have questions..http://www.sheriffalleghenycounty.com/realestate/bidders.html

If you are interested in other counties this may help you find information...
http://publicrecords.onlinesearches.com/Pennsylvania-Foreclo…

Good luck, Dunes
0 votes Thank Flag Link Mon Sep 28, 2009
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