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Wholesaling Philadelphia sheriff sale properties..
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.
- Property Manager
- Phialdelphia, PA
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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.
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
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.
- Property Manager
- Phialdelphia, PA
- 613
- Votes |
- 493
- Posts
That is correct. You have to have deposit cash on hand.
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 you're really messing up my Raleigh, NC keyword alert 😂
@Raleigh Lewis Ha! No worries.
Here's the keyword alert tool, btw. Pretty useful as long as people are named after cities 😜