I guess the real answer here is NO ONE knows.... could be quick, by quick I mean 2-3 months could be over a year... Teh real thing here is to consider if "that" house is really that great OR with all the bank owned and HUD homes out there right now, could one of those work?
The DEALS are great right now.... RATES are great right now... And there are a ton to PICK from...
If you wait for this house interest rates could be way up... just dont know what the future will bring... Can you qualify for the first time buyer tax credit? If so, that has to be closed by the end of Nov... Dont wait and miss out on all the things we know for certain
Hope this helps!
As mentioned by David, the eventual sale will give you a Clean Title. Most REOs are sold with a title policy IF you use their title Co for the research. I could give you a list of successful purchases and give you a list of failed purchases for various reasons.
Without knowing the backround though as to why the house was at the sheriff sale, an address your answer will be vauge.
I've seen them go on the market with 60 days I've seen them delayed for more than a year.