Sheriff sale in NJ

[Sandy Reddy]

Hi Everyone,

I am in the process of doing due diligence on a sheriff sale property that i am interested to bid. I got the title search done, but bit confused at the mortgage information shown in the tile search report. The property initial sold price is X but the mortgage is X+N. How could that be possible, mortgage amount greater than sold price. Its a single owner property. The property was never sold again. 

Would greatly appreciate if someone can help me understand the possible scenarios.

[Sandy Reddy]

@Ryan Goldfarb - the borrower bought this property from developer ( new construction). 

One other question, if the winning bidder pays the full bid amount in 30 days. Can he get a mortgage loan on sheriff deed.