Advice with Sheriff Sales

[Dan Grimm]

I went to my first Sheriff Sale today and I am trying to get educated about the process.

The starting bid was for 42,070.61and the auction went for 351,000.

- This property could be worth over 900,000

However it looks like there are several liens on it that could be up to 600,000.

Does anyone pursue Sheriff Sales that knows what to look out for?

Questions: 

1 How do you know what other liens or encumbrances there are?

2 Do you hire an attorney or title rep to help you?

3 Is there any way to get financing (or get a lender to help you ahead of time to come to a Sheriff sale?

4 Is it true that you only have to be concerned with the 1st mortgage and that any mortgages or liens following that get wiped out?

- Thank you in advanced for your input, I am really looking forward to learning more!