Wholesaling Philadelphia sheriff sale properties..

[Raleigh Lewis]

Hello BP, I have been attending tax delinquent sales in Philadelphia for the past couple months. I haven’t won a bid on a property yet. Mainly because most of the properties I wanted to bid on are always “stayed.” To my knowledge this means the property was taken out of sheriff sale because an investor contacted the home owner who was in default and paid the properties tax balance and worked out terms to purchase the property. What I notice at these tax sales is that their are mainly teams of investors that bid on multiple properties. It seems to me that they are gaining a large number of properties to wholesale for experienced investors who don’t have the time or desire to attend a tax sale.? It seems like a great idea to me if you are sure you have buyers or an exit strategy. I said all that to ask you all is wholesaling phila tax sale properties as easy as it seems? Can I use my own LLC’s assignment contract to wholesale these properties? Please leave any good feedback Thanks, Raleigh Lewis

[Christopher Phillips]

@Raleigh Lewis

All across the country there are larger corporate style investors that buy multiple properties at auctions. They are looking to rent them out, rehab them, potentially unload ones that turn out not to meet their investing models.

They pay cash. And they have a lot of it.

You can't put a sheriff sale under contract and try to wholesale it. the property has to be paid in cash on the spot.

You can certainly buy a property for cash and then decide later to sell it to someone else without doing anything to the property.

[Yuriy Skripnichenko]

@Raleigh Lewis

Yes you can wholesale sheriff sale bid in Philadelphia and  They have special form called Assignment of a bid that will have to be signed by the winning bidder and the assignee and notarized. However, it may be risky to wholesale. If you wouldn’t fins a buyer in time you will either loose your 10%deposit or will have to come up with cash to buy that property. 

@Christopher Phillips

You do not have to pay cash on the spot at Philadelphia sheriff sale. You required to put 10% deposit on the spot and then you have 30-days to pay remaining balance. 

Hope this helps 

[Christopher Phillips]

@Yuriy Skripnichenko

Right. But that means you can’t just put it under contract and look for a buyer. You have to have money coming out of pocket for the deposits.

[Raleigh Lewis]

@Yuriy Skripnichenko Thanks I’ve never heard of An assignment of bid form. Where can I access the form? Is it given after you win the bid or do you have to get it from a RE attorney?

[Raleigh Lewis]

@Christopher Phillips Yes I know I need 10% down the day of the auction but there is an option to wholesale the properties before the complete payment. Thanks

[Yuriy Skripnichenko]

@Christopher Phillips

That is correct. You have to have deposit cash on hand. 

@Raleigh Lewis

You can get the form from sheriff's office. They also host seminars every month on how to buy properties at sheriff sale. It may be useful for you to attend. You can find schedule here

[Raleigh Lewis]

@Yuriy Skripnichenko Thank you really appreciate the help!!

[Ryan Daigle]

@Raleigh Lewis you're really messing up my Raleigh, NC keyword alert 😂

[Raleigh Lewis]

@Ryan Daigle Lol Blame my father I was named after him we aren’t from NC but have been love the weather. Didn’t know you could get notifications from keywords thanks Ryan lol

[Ryan Daigle]

@Raleigh Lewis Ha! No worries.

Here's the keyword alert tool, btw. Pretty useful as long as people are named after cities 😜