Foreclosure in Philadelphia>Question Details

Pete D., Other/Just Looking in Philadelphia, PA

$1 Sheriff Sale House???

Asked by Pete D., Philadelphia, PA Thu Sep 20, 2012

I was looking at my local sheriff sale records and I saw that many of the houses sold for $1, I know this cannot be the actual sale price. Can someone

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6
Albert Rappa’s answer
Funny you should ask that question:
A few years ago I was at the Sheriff sale in Delaware County.
I was in the 2nd Row. In the 1st Row was a guy the stood up and bid a dollar on 3 or 4 houses in a row.
The Sheriff explained to the gentleman the " you must bid the upset price" Then the man stood up and complained "then why are you selling them to Attorneys for a dollar?" (chuckles were heard through out the room)
The phrase used at Mortgage foreclosure "sheriff sales" is, "sold to the attorney on the writ" $1. And that only happens when no one bids on the property and the attorney take the property back to the lender who he/she represents.
Even better, I thought I recognized the voice. And yup, it was a former client who was one of my 1st short sales.
His problem was "he didn't know what he didn't know".
I suggest going to a few sales OR finding a Real Estate Agent who is a well seasoned agent AND who will help you "learn the ropes". Caution, though, Asking the attendees for information and or help may only add to your confusion. Always, research thoroughly any advice with a seasoned professional. Remember, if you ask attendees, you are their competition for that "great deal/steal"
Good luck.
If you want more help, 610-504-5466 is my cell. Advice is FREE, if you need more i have an "al" a carte Menu of services that may be of interest to you.
2 votes Thank Flag Link Fri Sep 21, 2012
I AM INTERESTED IN FINDING OUT HOW YOU BUY OUT THE PROPERTY FOR $1,00 BECAUSE THAT'S ALL i HAVE...A DOLLAR.
Flag Wed Mar 12, 2014
Different states have different laws regarding what price the bank can take the home back at if there are no bidders that meet their minimum bid, Some are the actual mortgage amount while some are 80% of that amount, Some states charge the bank transfer tax on foreclosures so the bank wants to keep the price down when they take back a home. No one else can buy a home for 1 buck.
0 votes Thank Flag Link Thu Jun 5, 2014
Just remember...as with most things in life...You get what you pay for! Even if you COULD get a house for a dollar, you probably wouldn't want it....
0 votes Thank Flag Link Thu Jun 5, 2014
Albert provided exceptional insight into the process and gave sage direction.
Asking others who are seeking to buy a house for one whole dollar how to do it will have you pounding sand on the wrong beach.

If you ONLY have a dollar, you should know you should not buy a home priced at one whole dollar.

There are many opportunities to buy home for nearly nothing. However the REAL cost is far from nearly nothing.

If you are shopping for a home for one whole dollar, you will need to have about $30,000 to make it work for you. THEN you have a cash cow.

Finally, you will need access to reliable data. RealtyTrac and Zillow are NOT those resources.
0 votes Thank Flag Link Thu Jun 5, 2014
Hi I'm interested in a house and i would like the list of home for $1.00 I'm Philadelphia can someone's call me and give me more information 267-234-1773
0 votes Thank Flag Link Thu Jun 5, 2014
It should be the actual price. Public record. Two things come to mind, right of redemption and liability. In my area if the sale price at a sheriff’s auction is less than two thirds of the court appraised value then the former owner has a right of redemption. Liability, the homes may be required to be torn down and the value is less than $1, could even be negative. Example, a $40,000 house with a $50,000 mold issue. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Fri Sep 21, 2012
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