First thing you must realize is that you must pay cash at Sheriff's Sale, so there are no mortgages involved. If the property is in decent, liveable condition you may be able to get a mortgage but chances are good you'll need to settle in cash to make the deadlines.
Please feel free to give me a call to discuss your goals and a plan to get you there.
All the best,
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell: (267) 254-7994
I actually just got back from a Philadelphia Sheriff Sale today. A Mortgage Foreclosure sale to be more specific.
Depending on where you want to buy exactly, there are all different types of sales in the Philadelphia area. In the city itself, they have both Tax and Mortgage sales. As stated below, you will need cash, a good title company, and a good Realtor; that is, if you're truly serious about buying a home this way.
To go over any more details on this site would probably just confuse things, so your best bet will be to contact me if you would like to discuss it further.
All of my information is listed below.
Timothy M. Garrity | REALTORÂ® & Consultant
U S Spaces, Inc. | #RS314897
215-829-8850 x267 - Office
267-879-2716 - Mobile
If you'd like I'd be happy to sit down with you and go over all the necessary steps involved in trying to buy a home at sheriff sale.
1) you will need cash
2) you will need the name of a professional title searcher who works for a title co to search any properties
you are interested in. they get paid by the search min 25 bucks per property
3) you should have a realtor search the properties you like to see what the last mortgage was on property.
If its high, property sold back to bank and no one will bid.If whats owed very low, you have a much better chance to secure property at auction.
please let me know if I can be of help.
Keller Williams Real Estate
In my opinion, you would be far better off purchasing a Short Sale property or even a bank owned property (one the bank took back at the Sheriff's Sale). At least that way you get to see the interior of the home and have a home inspection done prior to purchase.