SHERIFF SALES!
Sheriff Sales can be a GREAT opportunity for the savvy Buyer or Investor! There are some cautions so see below for some Frequently Asked Questions! You can call Michael Gennett at 610-580-6365 anytime for more information! But before we get to the FAQ's here are quick links to the Philadelphia Metro Home area county sheriff sale sites:
(For FAST info on successful Sheriff Sale purchases click HERE!)
Chester County PA Sheriff Sales
Delaware County PA Sheriff Sales
Montgomery County PA Sheriff Sales
Philadelphia County PA Sheriff Sales
Sheriff sales are very similar to normal foreclosure auctions, the difference being that certain states around the country require that a sheriff hold the sale. Sheriff sales occur when a homeowner defaults on a mortgage or has trouble paying another house-related payment.
Like a normal foreclosure, when a default occurs, the lender will end the homeowner's rights to the property on which they were making payments. The lender then files a law suit and proves that it has the rights to sell the property so that it can recover any loss it incurs. Once that process has taken place, the home is put up for auction.
The advantages to you of purchasing a Sheriff Sale property.
There are a many ways you can benefit from a Sheriff Sale, the most obvious is in the high profit potential of bidding on these homes. Sheriff Sales are a great opportunity for you to purchase a home for almost a fraction of what it's actually worth. But you will need to do the necessary research on the property and make the decision as to whether or not you'd like to place a bid on the home. Being a experienced Realtor, Michael Gennett can help you research this information. If you have serious interest in the home, you shouldn't face much competition at the auction. The general public doesn't usually pursue Sheriff Sales which means you will be the one who benefits!
Frequently Asked Questions
What happens if I am the successful bidder?
Once you sign the deed to the house it becomes yours! There is a small chance that the people living on the property will not leave when they are supposed to and you would have to take legal action against them for eviction.
Can I inspect the house before bidding?
Well, you can drive by the home as the exterior condition should give you a hint at the interior condition. But generally, no, as Sheriff Sales are done on a buyer beware basis. Generally no warranties are attached to the sale.
What is the minimum bid in a Sheriff Sale?
Generally there is no actual minimum bid but there will be something called "Hand Money" which in most cases is 10% of the debt owed on the property. Sometimes, in an "Upset Sale" or "Tax Sale", the minimum bid is the back taxes on the property.
Are there liens attached to the foreclosed property?
Sometimes yes, sometimes no. But it is Buyer Beware so have a reputable title company run title to see if liens remain. Or call Michael Gennett at 610-580-6365 and he will do a title "Bring Down" for you to determine if liens remain.
