How do i go about making sure that i am doing the right thing when it comes to buying from a sheriffs sale?

Asked by Bot2tle, Milford, DE Thu Jun 19, 2008

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Angela Dolber, Agent, Whitinsville, MA
Thu Jun 19, 2008
Like Jim, I would recommend going to a few sheriff's sales to see how it goes, and then make sure you have some money to put down as a deposit (it could be like $2000 - 5000 that you would need to put down for a deposit at the time of the auction) and plan on buying the house within a short period of time. (sometimes can be 30 days) At the sale, you will receive any information about what is owed on the house, what liens or taxes or unpaid bills there are as well. Obtain an attorney who specializes in these types of sales and make sure you ask that attorney how many he/she has done - don't just go on "yes, I do them" mentality....then have them work with a bank or mortgage broker (if not paying in cash) to get things going quickly and efficiently so the sale goes well for you. Good luck!
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Jim Johnson, , 78233
Thu Jun 19, 2008
Attend a seminar(s) for investors interested in sheriff' s sales. I believe you can find them and/or online courses by Googling. Then stand in on and observe several before you jump into it.
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Michael Giles, Agent, Beverly, MA
Thu Jun 19, 2008
GET A LAWYER!!!! These sales are better made by people that are investors. There are too many ways to get burned. Find a Lawyer that has experience working with Real Estate Investors.
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