How To... in Philadelphia>Question Details

Geneva, Home Buyer in

MY HUSBAND AND I ARE TRYING TO LEARN MORE ABOUT SHERIFF SALE HOMES AND ARE INTERESTED IN POSSIBLY PURCHASING BY THIS TIME NEXT YEAR.

Asked by Geneva, Tue Mar 6, 2012

WHAT STEPS DO WE NEED TRO TAKE?
WHERE DO WE GO TO LEARN MORE AND PROPERLY PREPARE FOR THIS BUSINESS TRANSACTION?

Help the community by answering this question:

Answers

4
Larry Lichtman’s answer
Hi Geneva,
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,
Larry Lichtman
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell: (267) 254-7994
1 vote Thank Flag Link Tue Mar 6, 2012
Hi, Geneva.

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.

Best,
Tim

Timothy M. Garrity | REALTOR® & Consultant
U S Spaces, Inc. | #RS314897
215-829-8850 x267 - Office
267-879-2716 - Mobile
PhillyUrbanLiving@gmail.com
PhillyUrbanLiving.com
0 votes Thank Flag Link Tue Mar 6, 2012
Geneva,

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.
Gary Udinson
Keller Williams Real Estate
610.507.6085
0 votes Thank Flag Link Tue Mar 6, 2012
Can you explain what you mean by "Sheriff Sale Homes"? Sheriff's sales are basically auctions where homes are sold that are being foreclosed on. Typically, at least these days, they go back to the bank because the bidding is so low the bank outbids everyone else in hopes of recovering some of their losses by listing it with a realtor. Even if the bank does not take it back, Sheriff's auctions are risky investments. You don't get a chance to look at the house before you buy, you don't get a home inspection, you basically don't know WHAT you are buying. If the home has a leaking oil tank, or a bad septic system, or some other major problem, bad roof, bad foundation, you are stuck with it, Plus you have to have a lot of cash to hand over at the time of the auction and have to come up with the balance within a very short time, so most mortgages are out of the question.

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.
0 votes Thank Flag Link Tue Mar 6, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer