Sherriff Sales

[Derek Johnson]

I am looking at a house in highly desired area coming up in a sherriff sale in April.

It's listed at under $50k and valued over $220k.

It says at the auction you have to have cash, cashiers check at the sale. I was wondering how you go about this? Do banks finance for a Sherriff sale? What are some pitfalls I'm not seeing here?

I looked at the MLS and the house is beautiful. Has an addition ($30k) from 2010. On a cul de sac.

[Florian N.]

You can't finance a Sheriff Sale, you need cash or certified checks.
The only way you could go about this would be to have cash and maybe try and get a personal loan to cover the extra you may need. This may depend from state to state but at least here in PA you need to have the funds the day of the sale.

Steve Babiak put together a nice post regarding sheriff sales and trustee sales: http://www.biggerpockets.com/forums/41/topics/68977-foreclosure-auction-sheriff-sale-and-trustee-sale-faq

It's a good read, i would recommend spending a bit of time and going through those posts.