Home Buying in 19128>Question Details

Shaun Beaty, Home Buyer in Philadelphia, PA

Does anyone know about buying property from the sheriff sale?

Asked by Shaun Beaty, Philadelphia, PA Tue Jan 27, 2009

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What would you like to know?

Typically, purchasing a property from a sheriff's sale is all done site unseen. That is, you will not be able to see any of the properties except from the exterior. So, you go in thinking you will have to gut the place.

Get the list from the County Sheriff website, which I believe I gave in one of my answers to you, but here it is again.... http://www.phillysheriff.com/homemortgage.html .

Here are the rules: http://www.phillysheriff.com/homesales.html

Do your homework first. Go to the public records to see what additional liens are on the property. Titles are "supposed" to be clear, but the sheriff's office can only do so much.

Find out, from a local real estate agent, what the property would go for if completely updated in the current market. It can cost around $25K to basically finish a home which needs fixed. Subtract that from what it "could" be worth and you will have the absolute max of what you should pay for the property at the sale. If that amount is below the sale amount, forget about that property and check out the next one.

Hope that helps
0 votes Thank Flag Link Tue Jan 27, 2009
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