Bought a property at Sheriff sale - How fast can I sell it?

[Chad Jarrah]

Hello everyone...had a quick question I wanted some knowledge on. 

I recently bought a property in Sheriff sale at a good price and was kicking around the idea of selling it after a quick clean-up. Typically I rehab then sell, as there is a bit more room for profit there, but wanted to free up cash for the next few auctions coming up. There is room for another flipper to profit.

Has anyone had experience selling a sheriff's sale purchase before the deed even gets recorded? If so, what is the process? Any tips/advice would be great.

[Greg Wilkins]

That would be interesting. Did you already pay the full amount to the sheriff?

If you already paid everything to the sheriff and told them you wanted the grantee on the deed to be you or your company, then I think you will have a tough time selling your interest in the property prior to the deed recording. However, I would talk to your attorney. An idea would be to execute a deed and have an attorney or title company hold it until the sheriff's deed records, then have the next deed recorded.

If you haven't settled with the sheriff, then you could do an assignment of bid, which would allow the new buyer to step into your shoes as the purchaser. That would be like a wholesale sheriff's sale deal. Haven't heard of that before. Maybe you just created a new niche!!!!!

Good luck.