Sheriff sales

[Dennis Hughes]

I've been to several sheriff sales in Bucks, Montgomery and Philadelphia counties in Pennsylvania. I've also done a lot of research both on bigger pockets and off. However, I keep coming across the same issue. To run title search on all properties can be cost prohibited. For example; last month in Bucks County they had over 300 homes up for auctions. 300 title searches could cost upwards of $30,000. I know I need a title search before I bid but $30,000 is too much. Additionally, when they publish the list of homes they post the real debt. However that doesn't match with the back calls out as their cost or what the starting bid price is. For example one property had real debt of $210,000 at the auction the bank called his cost at $86400 and the winning bid was $86500. Now I have to assume, I know you should never assume, this guy did his homework as he buys at least 1 property per month at auction. How do I identify what the banks cost or opening bid  is verses the real debt? With that i can determine the smaller number of homes to run comps and title searches on. I tried speaking with that gentlemen; but he must not be a bigger pocket member. He just sort of growled and walked away. Thanks everyone for the help.

[Barrett Dunigan]

@Dennis Hughes I think you are getting ahead of yourself with the thought of running title searches on all the properties. Before understanding title, I would want to know which of the properties on the list are truly investible (depending on your risk appetite). This would mean starting with Google maps for the 30,000 foot view, and then a drive by the property to see if it is occupied and its condition. This will also help you understand the area and potential ARV (look at realtor.com and Zillow for comps of homes sold in the area). Next steps would be looking on the websites of the County Prothonatary and Recorder of Deeds. This will provide more information terms of lien holders and interests in the property. It's worth doing a bit of due diligence on your own, and you need to break down the list to something manageable. From there you can get a title search on the properties you are most interested in pursuing. Good luck.