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Sheriff Sales (1 Viewer)
- Thread starter pecorino
- Start date
General Malaise
Footballguy
Is it like those storage war shows where you buy the contents of the house too?
that would make for an interesting show. Can cross storage wars, with house flipping and treasure hunting.....
Sometimes you even get the tenants. Yes, whatever is left inside goes to the buyer.
Rattle and Hum
Footballguy
How long is the redemption period in PA?
No redemption period if the foreclosure was due to missed mortgage payments. That’s the case in the two properties I’m considering. I like a third, too, but that one is going to auction for delinquent taxes and they’d have nine months of a redemption period in that case. It matters if it’s back taxes versus unpaid mortgage.
DA RAIDERS
Footballguy
How much time do you have to finalize your financing?
That varies depending on the auction. In Lancaster, I think it’s a couple weeks but I’ll be using a line of credit so it’ll be all ready beforehand.
Zow
Footballguy
Pre-Covid, I used to see these happen all the time on the steps of courthouses. Occasionally, if I wasn't in a rush, I'd stop and watch for a few minutes. The seemingly random auction sales of homes valued at hundreds of thousands of dollars fascinated me. After watching a couple of times, it became pretty evident that most of the buyers were agents for investment groups and they seemed to have a pretty noticeable professional courtesy amongst them (i.e. they didn't seem to be intentionally driving up bids against each other) so, if your jurisdiction is at all similar, just be aware that you may be bidding against professionals who, much like the Atlantic City poker table scene from Rounders, aren't playing on the same team but aren't really playing against each other, either.
Rattle and Hum
Footballguy
Thanks. Do all liens get wiped away, even federal, with the tax and foreclosure auctions? If not, can a member of the public see these federal liens or do you have an attorney do a title search for each property you are interested in? I've always wondered about this.
To my understanding, none of those (other than the mortgage that caused the foreclosure) get wiped away. It is up to the buyer to research any liens on the property and/or to do a title search. There are companies that will do that for you--costs a couple hundred bucks. I'm trying to do that myself.
titusbramble
Footballguy
"its a big club.... and you ain't in it!"
Leroy Hoard
Footballguy
Best sheriffs to get on sale:
Andy Taylor
Buford T. Justice
Rosco P. Coltrane
Buford Pusser
Sheriff Lobo
Andy Taylor
Buford T. Justice
Rosco P. Coltrane
Buford Pusser
Sheriff Lobo
STEADYMOBBIN 22
Footballguy
In just went to an event in Baltimore last month with a gaggle of investors all buying property tax liens. They buy the lien, the “owners” have 12 months to pay the back-taxes - otherwise the his company gets the whole property on the cheap. Guy I talked with said he buys entires rows at a time. They renovate and sell.
Keep in mind this is downtown Baltimore, so think post war Germany as far as the condition/value of the houses he’s buying.
Keep in mind this is downtown Baltimore, so think post war Germany as far as the condition/value of the houses he’s buying.
Zow
Footballguy
Yeah I figured they went all online after Covid.
A silver lining from Covid is that the legal system/process realized that many of the things we always thought we had to do in person can be accomplished comparably online.
The Z Machine
Footballguy
Hey! That's where I live!
Hi all. I just attended the online Sheriff Sale for Allegheny County which was held this morning. No, I did not make a purchase. Didn't even make a bid. Of the 400 or so properties listed, I was interested in about eight. Right off the bat, the Sheriff (or whomever she was) announced the properties that would be "stayed" or "postponed". That cut the list in half, more or less. One of the very first ones to go to the auction block was top of my wish list. I was willing to go to about $110K on that one. The Zillow estimate is about $300K. But anyway, it got postponed until June instead of being sold. It'll probably go for at least $200K when the time comes.
Funny story: On the very next house, a real piece of crap, the value was about $10K. Someone went to bid it up and they accidentally typed $115000 instead of their intended bid of $11500. The Sheriff all but said "tough noogies" and the schmuck won the auction with that errant bid. Of course, he is not going to pay it and will be banned from all future auctions. But I found a lot of humor in that one.
Most that sold went at about a 50% discount from the Zillow estimate. A couple went inexplicably high, and several of the plaintiffs (the mortgage companies) overbid themselves a lot and ended up being the high bidder. Still not sure about the calculus on that. There's a reason, obviously. The sweetest deal went on a house in my old town of Oakmont (where the Open is played). Fantastic location, recent remodel, sold for $170K but is worth double that. If we didn't need to pony up all that cash in just one week (and/or if I was a real baller), I would have definitely bid on it. At least two or three gems like that. It was a lot of fun.
My next auction will be for Lancaster County on March 27th. I have my eye on two houses there but, like this auction, doubt I'll get either.
Funny story: On the very next house, a real piece of crap, the value was about $10K. Someone went to bid it up and they accidentally typed $115000 instead of their intended bid of $11500. The Sheriff all but said "tough noogies" and the schmuck won the auction with that errant bid. Of course, he is not going to pay it and will be banned from all future auctions. But I found a lot of humor in that one.
Most that sold went at about a 50% discount from the Zillow estimate. A couple went inexplicably high, and several of the plaintiffs (the mortgage companies) overbid themselves a lot and ended up being the high bidder. Still not sure about the calculus on that. There's a reason, obviously. The sweetest deal went on a house in my old town of Oakmont (where the Open is played). Fantastic location, recent remodel, sold for $170K but is worth double that. If we didn't need to pony up all that cash in just one week (and/or if I was a real baller), I would have definitely bid on it. At least two or three gems like that. It was a lot of fun.
My next auction will be for Lancaster County on March 27th. I have my eye on two houses there but, like this auction, doubt I'll get either.
Beef Ravioli Part 2
Footballguy
Are you looking to flip these houses, rent it out or live in it?
arrow1
Footballguy
1.1Best sheriffs to get on sale:
Andy Taylor
Buford T. Justice
Rosco P. Coltrane
Buford Pusser
Sheriff Lobo
Wife and I are considering moving back to Pittsburgh so the ones today would have been a primary residence. That's a big reason there weren't more on my radar. I don't want to be a landlord in Pittsburgh which is currently a six hour drive for us. I will say that for anyone looking to get into the landlord business, auctions seem like a viable path forward. With some due diligence and some up-front cash, one could build a portfolio of rentals pretty quickly. This isn't a good time, what with rates and home prices where they are. That's partly why I wanted to learn more about this. I may live through one more housing downturn and next time around I'll be better equipped with capital and education to make hay from it.
Jaysus
Good times!
The current owners have likely filed for bankruptcy which will cancel the foreclosure once approved by the court.
Certainly possible. Point being, if it comes to auction again, I expect to be outbid
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