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View Full Version : Ever purchase a home at sheriff's sale?



OUMallen
8/22/2011, 03:02 PM
Any advice on the process?

badger
8/22/2011, 03:05 PM
Warning: All sales final. You might get a cheap price, but beware of foundation issues, water damage and smelly rats in the attic.

Not speaking from experience, but I'd seen what ends up in county auctions.

Veritas
8/22/2011, 03:08 PM
How do homes become up for sheriff's sale? I've seen public buildings up for such but never a home.

jumperstop
8/22/2011, 03:09 PM
I bought my home foreclosed just a few weeks ago. You can get instant equity, but the as-is thing might turn some people off. Just realize you won't be able to get money for any repairs after the inspection and that the seller most likely won't make any concessions.

OUMallen
8/22/2011, 03:12 PM
How do homes become up for sheriff's sale? I've seen public buildings up for such but never a home.

The usual: they stop paying, bank has to institute the foreclosure action in county court, they have to win that action, and only then will the sheriff foce the sale of the house to pay the $$$ owed on the judgment. And even then, up until the auction, the person that owns the home has the right to jump back in and pay whatever's owed and thereby avoiding the sale. They have the sales every other Thurs at the county building downtown.

rekamrettuB
8/22/2011, 03:25 PM
We bought one but we were the mortgagor so we were buying a house that was already ours. As mentioned above, the houses are usually not in that great of shape since the folks that couldn't afford the mortgage more than likely couldn't afford certain repairs and such. I think the forclosed party will also not care if they knock holes in walls, etc on the way out the door. Beware and be ready to put some money into it.

Sooner_Tuf
8/22/2011, 03:31 PM
There really is no process. You show up and the court house and bid. If there are other bidders you bid against them. If you win you pay.

About the only thing you need to be careful of is sometimes there is a little drama. I have been to them where someone thinks they have a claim and throws a fit. They get asked to leave or get tossed in the pokey pretty quick.

I have bought a half dozen or so houses that way over the years. I have been to four or five times as many sales.

Don't get caught and overbid or overspend your capability to pay. Other than that it's pretty easy. You'll get clear title to your new POS.

Breadburner
8/22/2011, 03:41 PM
Be the highest bidder.....

OUMallen
8/22/2011, 03:50 PM
There really is no process. You show up and the court house and bid. If there are other bidders you bid against them. If you win you pay.

About the only thing you need to be careful of is sometimes there is a little drama. I have been to them where someone thinks they have a claim and throws a fit. They get asked to leave or get tossed in the pokey pretty quick.

I have bought a half dozen or so houses that way over the years. I have been to four or five times as many sales.

Don't get caught and overbid or overspend your capability to pay. Other than that it's pretty easy. You'll get clear title to your new POS.

Will tax liens on the house survive the sale?

Sooner_Tuf
8/22/2011, 04:27 PM
Will tax liens on the house survive the sale?

I have always gotten clear title. I know they have used my funds to pay back taxes before. If the sales price doesn't cover the lien I am not sure what they do but it is my understanding the court clears the title for the purchaser.

I have never had one with a lien from the IRS but I am sure that would still be there. If so you would have to pay it and then file a quiet title suit.

You don't get a full warranty deed. But nobody can file anything against the house on the former owner after you take title. So just check in the County Clerks Office right before the auction.