Sheriff sale

[Sandy Reddy]

Hi,

For the first time I am planning to buy a property in sheriff sale in NJ. . The property is in good shape. Now, i spoke to a mortgage broker if he can help me to close in 30 days. As per the sheriff sale instructions I am fine to pay down 20% right away if i end up being the winning bidder. 

Now, for any reason if mortgage cannot be closed within 30 days. Whats the possible ways to pay the reamining 80% to sheriiff office. Are there any short term lenders ? If so how do they lend money ( what kind of collateral is required)

I can raise the remaining 80% and pay off the sheriff office, and later can i apply for a home equity loan ?

What are other important things i need to look for in a sheriff sale?

Can upset price be more than the outstanding loan amount (judgement amount) ?

From my past sheriff sale participation, I never saw a preoprty upset price being higher than loan amount ?

How to find out the liens on the property ? 

Is protitleusa.com tile search report is good enough to get the details of the property ?

Regards,
Sandy

[William Hochstedler]

@Sandy Reddy

For hard money lenders who do short term loans, start here:

https://www.biggerpockets.com/hardmoneylenders/new...

You can also find them at your local real estate investors associations (REIAs)

I am not familiar with New Jersey, so can't give any specific advice, but generally a title company can help you.  Again look here on BP and to your REIAs for recommendations and referrals for good title companies.

Also, any proceeds from the sale go to junior liens and then to the borrower.  So it doesn't benefit the primary (foreclosing) lien holder to open the bidding at any amount above the outstanding balance of the loan.

Good luck!