Is it possible to refinance an auction buy

[Shalabh Jain]

I had my eye on some Sheriff auction properties in Allegheny County, PA. I'm new to this type of property and have been reading a lot on this forum and the other sites and it's overwhelming. Here we have to make an all cash payment in 5 days. I can arrange that by family loans. My question is, how difficult is it to get a refinance mortgage for an auction buy? The properties I have narrowed all seem to be foreclosure of the first lien (main mortgage). I'll probably get a formal thorough title search done once I'm sure of a few as well. My understanding is that titles offered by the bank would be clean after the auction. So what all problems can prevent me from getting a mortgage on it? Also, if I can get a mortgage, will it be based on the auction price or the price determined by an appraiser. I guess the idea is to see whether my repairs would help I'm refinancing. Thanks for your help

[James W.]

Sheriff sales are sold as is with all defects and liens attached - they are the worst case scenarios.

OP seems to be basing it on the opposite - which may hurt badly.

Its possible that the first lien is foreclosing and it will wipe out the secondaries - but you will see in reality - the purchaser has to pay months of hoa and outstanding bills.

Reason is that those have not turned into liens and public records yet - and so cannot be wiped off "automatically".

My two cents.