Sheriff Sale Options

[Tony Reola]

Hi everyone, 

I’m a first time home buyer. My fiancé and I were working to purchase a short sale for around 7 months. The deal eventually fell through and the property is now up for Sheriff sale. We have extensive knowledge about the property’s condition, have toured it multiple times, and even walked through with contractors, so I feel confident it would be a good investment as our starter home that we will slowly fix up. As it is a sheriff sale, it is now listed as cash only. 10% at time of sale and remaining in 10 days. We believe that 200,000 is a strong offer, but we cannot get that much cash, however, my father has the cash and offered to buy the house and then sell it to me so I can 

My question is this: How should we go about doing this? Should we bid at the auction jointly and then after closing refinance? Or should he buy it outright and resell to me immediately?

Thanks so much. 
Tony

[Chad U.]

The question is, if this is a Sheriff sale, how did you get into the property to tour it with a contractor? Obviously must have been trespassing, LOL.

in any event, you can just purchase it titled into your name, and your father can put a note and mortgage on it for the money he's put into the deal.  You could then Refi it out after.  However first you may want to check with your lender on whether it would be better to get a purchase money loan or do the refi