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Updated about 2 years ago on . Most recent reply

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Zachary Myers
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Need advice with sheriff's sale purchasing

Zachary Myers
Posted

Hello everyone! First time poster but I've been all over the forum and love reading/learning about everything real estate! 

Long story short is I have some capital saved and I'm ready to invest in my first rental property. Recently a home near mine has popped up on zillow as an auction at sheriff's sale for Jan 19th. It fits all my criteria and from the outside looks solid but it's occupied so I can't go in. I know there is always risk involved with liens and title issues. Can someone please offer some advice on the subject of title company or attorney for the search along with cost of said search? Also just general advice on purchasing at a sheriff's sale. I'm obviously a newbie and would appreciate any and all help! 

Thank you in advance!

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William Hochstedler
  • Broker
  • Logan, UT
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William Hochstedler
  • Broker
  • Logan, UT
Replied
Quote from @Zachary Myers:

Hello everyone! First time poster but I've been all over the forum and love reading/learning about everything real estate! 

Welcome to BP!

The foreclosure process is state dependent.  Not knowing anything about Pennsylvania, it's not clear if the Sheriff's sale is a bank foreclosure or some other court ordered liquidation.  

Here's a general overview of foreclosures (there might be more in resources):
https://www.biggerpockets.com/...


If the occupants of the property are the borrowers and still have power of sale, I'd recommend knocking on the door and asking them what's going on.  After all, you have capital and that's probably something they need!

Good luck!

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