Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 16 years ago on . Most recent reply

User Stats

13
Posts
0
Votes
Dan N
0
Votes |
13
Posts

Help needed - trying to buy after sheriff sale

Dan N
Posted

So - I found a property that I want to own (not an investment per se).

Turns out that the sheriff sale has already occurred and the people living there have a 12 month redemption period in my state. Property was listed in June and the sale was early July.

The asking price is $170k, and the bank bid $130k at auction.

My maximum offer price is $100k - the structure is a teardown and I would be essentially buying the land only. It appears the realtor is listing the property at an exorbitant price considering the condition of the home.

Questions:
1) I feel concerned that they are asking $170k when the bank only bid $130k at auction. If they had a second / home equity loan, would that have been wiped out? How do I find out whether the bidding bank was in the first or second position?

2) What are my options to proceed? It seems pointless to work with the homeowners - their objective is to sell and walk away with a few bucks and potentially a less damaged credit.

Since they have a 12 month redemption, I feel that I have only 2 options:

1) Work with the homeowners / realtor to negotiate a short sale with the bank. Not sure why the bank would even want to do this at this point, but worth a try.

2) Inform the bank of my interest and wait out the redemption period.

Other options?

Loading replies...