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Sheriffs Sale- Real Estate?
Posted on 8/12/24 at 2:48 pm
Posted on 8/12/24 at 2:48 pm
Anyone have experience? I have a question.
If the writ amount is let’s say $200k. Non appraisal. Is that amount what I should expect to pay? Will it start lower at auction?
What happens if no one buys the property? Will they then lower the writ amount?
If the writ amount is let’s say $200k. Non appraisal. Is that amount what I should expect to pay? Will it start lower at auction?
What happens if no one buys the property? Will they then lower the writ amount?
4
Posted on 8/12/24 at 2:54 pm to dlambe5
If there is no appraisal, then the bidding starts at cost. That is typically several thousand dollars.
The bank already has skin in the game with the mortgage. Sometimes they bid mortgage amount, past interest and attorney/sheriff costs. Other times, they are willing to let it go for less. This saves them holding costs, realtor fees, fix-up costs, etc.
The bank will bid something and take possession immediately if not out bid.
The bank already has skin in the game with the mortgage. Sometimes they bid mortgage amount, past interest and attorney/sheriff costs. Other times, they are willing to let it go for less. This saves them holding costs, realtor fees, fix-up costs, etc.
The bank will bid something and take possession immediately if not out bid.
This post was edited on 8/12/24 at 3:01 pm
Posted on 8/12/24 at 4:42 pm to dlambe5
I have attended many sheriffs' sales in my past.
One thing that I would suggest is to do some significant prework. You'll need to determine what is owed on the property: mortgage amount plus fees/costs. The best you're going to do is to buy it for one dollar over that total figure. People who I witnessed successfully buy several properties would start the bidding at that number, which would sometimes surprise and freeze other bidders.
Most people are hoping/thinking they can "steal" a property. It's hard, if not impossible, to get a really good deal, however.
One thing that I would suggest is to do some significant prework. You'll need to determine what is owed on the property: mortgage amount plus fees/costs. The best you're going to do is to buy it for one dollar over that total figure. People who I witnessed successfully buy several properties would start the bidding at that number, which would sometimes surprise and freeze other bidders.
Most people are hoping/thinking they can "steal" a property. It's hard, if not impossible, to get a really good deal, however.
Posted on 8/12/24 at 4:52 pm to little g
quote:
Most people are hoping/thinking they can "steal" a property. It's hard, if not impossible, to get a really good deal, however.
I’m sure not every jurisdiction is like this, but in bigger cities, there are people who damn near do this professionally. They will mess with people, run up the auction price, get retaliation against other bidders, etc. It really is its own little world like Storage Wars and most of the regulars know each other. For better or worse.
Posted on 8/13/24 at 9:05 am to dlambe5
The greatest concern you should consider is liens/encumbrances against the property.
Posted on 8/13/24 at 11:34 am to eatpie
quote:
The greatest concern you should consider is liens/encumbrances against the property.
In BR and surrounding areas, the Sheriffs Sales clears the title, with the exception of tax liens.
From my understanding, the tax liens are cleared in 6 months (I think it’s 6 months…..it’s a certain period of time)
During those 6 months, the IRS can essentially take possession of the property and pay you basically what you paid….so if you do any repairs, etc, you will not be reimbursed for those expenses.
Posted on 8/13/24 at 2:17 pm to dlambe5
If it is sold with appraisal, it must sell for 2/3 of the appraised value, otherwise it is put back up for sale. The second time it goes to the highest bidder with no minimum except for sheriff costs.
If no one bids?
The seizing creditor should not let that happen.
If no one bids?
The seizing creditor should not let that happen.
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