Philadelphia Sheriff Sales (Mortgage Foreclosures)

[J Lee]

Hello,

I am newly looking into sheriff sales, specifically on the mortgage foreclosure side. Off the bat, I had a few questions that hopefully someone more experienced can help: 

1. do auctions allow financing after winning the bid, or do they require entire amount to be immediately wired? 

2. When it comes to these types of auctions by the sheriff, is there a waiting period that must be observed before rehabbing/renting the building post winning the bid? If so, how long? 

3. I have been advised to do a title report on any properties I want to bid on, but am I able to do a title commitment? 

4. Dumb question - but are these auctions online only, or in-person? And do they accept counter-bids after initial bid is placed?

5. Any other advice that may be helpful.

Appreciate any responses in advance. Thank you

[Kelly Giarrocco]

I bought a vacant property on Sherriff sale last year on the ********** site.

1. You have to be able to have the full amount in cash within a few weeks of the auction. No financing available.

2. You need to wait until you receive the deed before rehabbing the property. It took about 8 months for the deed to be transferred to my name from the time of sale.

3. Not sure.

4. The auction is online only. The auction is open until the listed end-time. At that point, the clock will restart by 5 minutes after every counter bid, until the bidding stops.

With mortgage foreclosures you'll want to guarantee that the property is vacant to avoid going through a messy eviction battle.