Foreclosures
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 10 years ago,
Need Clarification on purchasing at Sheriff sale
May seem like a basic question but wanted to verify...
If I were to purchase a home at a sheriff sale...as long as I purchase the "1st" mortgage on the home I am ok? (not including back taxes, mechanic liens, etc). Regardless if it has a "2nd" mortgage on it?
The big mistake to make as I understand it is to purchase a 2nd mortgage at a sheriff sale and being in second position on the property after the auction?
I would think that if the judgement amount on the home is higher than the ARV, for example the house has a judgment of 100k but only worth 90k this would be a good indication that the foreclosure has been brought on by the bank carrying the 1st mortgage on it?