Any success with local Sheriff Sales?

Question

I'm completely new to investing and simply looking for some general feedback. I don't necessarily plan to start here.

Found that the Sheriff sale in my area has quite a few listings on it, many of which aren't anything note worthy. However, there are a few that could be great deals assuming the bidding doesn't get to high. The bidding is already set at about 60% of value on most to start.

Has anyone here on BP had success with attending these in person or online? (I know some are done electronically) I feel like the bidding could quickly negate a lot of the benefits when combined with the inherit risks of real estate lending.

Michael Medinger · Answer

I've taken a couple swings at the sheriff's sales, but every property I've shortlisted has redeemed or settled prior to auction.  So no bids!

Oh well.

Jay Hinrichs · Answer

I find your east coast sherrifs auctions are FAR MORE complicated than our little ole trustee sales.. its much more involved at least from the one's my guys have bought

James Triano · Answer

@Riley Gilson

I've had some success at the Sheriff's auction but beware of the status of the deed (do a title search) and who is foreclosing.  I also highly recommend you read as much as possible about your local municipal process and the laws in your state.  There are very large differences state to state even though the process and theory behind it is the same.  Education is key but you can have some success and get some great deals there.

John Bucci · Answer

Depending on your area there are usually a few big players that have a lot more money to play with than you. But they may not be there every day so you can get lucky.

It can be tough, but it's worth checking out. Find someone that knows the regulars in your area and is familiar with auctions

Chris T. · Answer

welcome @Riley Gilson

I had some success with sheriff auctions, and I know of a no of investors that have success. It's a very high risk and reward process.

If you haven't yet, search for "auctions" on BP to read the pros and  cons. Partner up with someone in your area that has done it.