It depends on the county you are in but usually you will need 10% downpayment day of sale (you will make a check out immediately after your bid is taken). If you are financing the property you will need to be SURE you can get the loan. There are no financing contingency in the sale. They keep the money if you cannot perform.

Usually there will be an attorney there that is representing the lender that has the current mortgage on it. They will be instructed to bid to a certain amount (usually the amount of the debt itself). After that it's fair game to anyone.

Locally, here in Wayne county the majority of the sheriff sales go back to the bank but once in a while they will go to someone bidding. The has to legally get them back into their name so that they can in turn have the right to sell it.

We used to buy and fix up one or two a year to resale (My husband and I) Only once was I successful in buying one at Sheriff sale.

A realtor can help you but wont get paid to do so.... you can offer to pay them a small fee to assist you in researching the property and showing up the day of sale. If not you may be hard pressed to find one to help you for free unless it's a good friend or unless you plan on reselling it after you fix it up and promise them the listing at that time (but you have to be serious, dont mislead them).

A good realtor that knows how the foreclosure market works would have the knowledge to lresearch it for you and find out what the bank's judgement is for and then be able to guide you from there. Many times it's just not worth what the people owe and the bank buys it back.

Good Luck. I hope this helps.....find a Realtor that knows foreclosures (not all do) and work with them if at all possible.

Marie,

Simply stated....with these purchases buyer can get more than they barginned for.... including debt associated with the property and unwanted and very difficult to get rid of residents.

Buyer's of these properties would be well advised to proceed cautiously...

Good luck

Yes & Yes,they are as is and you have to have a 3rd down that day in cashiers check and balance in 30days.

TJ

Definitely get a good real estate pro to help - this is not a venture for the inexperienced.

Hi Marie,

Since we are in three counties in Minerva the way these sales are conducted varies a little bit.

There is a lot to learn about these sales. Sometimes it is like buying a pig in a poke. You are buying the property as is and it is difficult to get in to inspect it. That leaves you open to a lot of problems. You should do a thorough search of the records at the courthouse (or pay a title company to do it for you) to ensure that there aren't any clouds on the title. When you buy the property you might be buying a lot of title issues that haven't been discovered such as tax liens etc. The bank that holds the mortgage will have a representative there to bid for the bank and they usually will bid it up to what is owed on the property and I have seen them bid it up to even more than is owed. Although the sale is advertised that it must bring at least 2/3 of the appraised value there is no guarantee that you will get it for that. After the bank buys it back they will usually market the property through an agency. But between the time the bank buys it back and the time that they list it with a realtor you can directly approach the bank and negotiate with them. You might get a good deal that way. When you see a sale advertised don't hesitate to call that bank's attorney and ask him questions. There is a possibility that you might work something out with them prior to the sale if they and the owner both cooperate. There are some good deals out there but there are some tricks of the trade that will help you out. Give me a call if I can answer any questions for you . I'll be glad to talk with you Janet unkefer

Also remember the house will be in as is, where is condition. You may also have to evict the owners if they are still living there. If there is a tenant, you will have to honor their lease until it expires.
TJ

Be sure to bring up to 20% of your purchase price in certified check or cash to the sale. That's what it usually takes. Also try to get the list before hand so you can find out if there are any dates you can do a walk thru or inspection of the property. Some sales allow that, most do not.
If you have never been to a sale like this, go and be an observer for a few sales. Don't bid till you are ready. Usually you will see the same people or investors come to every sale. A real estate agent may be able to help, but may ask you to sign a buyers agency to cover his/her commission to be paid by you. Unless you are very good friends or family, don't expect them to work for free.
Hope that helps.
TJ