Sheriff Sales

[John Mathewson]

Hey want to hear some quick feedback from those of you that participate in sheriff sales or have in the past. Questions as far as:

how to bid

how soon the you have to provide the money

also how is the pricing are most of the homes starting way too high? 

Any information would be greatly appreciated. 

Thank you

[Cory Land]

I attended one sherriff sale in my county. It was a good experience as a new investor so my advice is just go and check it out as they are open to the public. Some info pertaining to my county:

The bidding starts based on upset price or the value owed to the bank. The bidding was in increments of $100 however I did notice some bidders make large jumps in their offers like $1000+.

The winner of the bid was required to have a cashiers check of 10% of the purchase price immediately.

The majority of the time the bank who filed the foreclosure was there to just buy back the property for $1. And when there was a bidding war between the bank and an investor, the investor didn't have a chance.

A lot of the properties were priced pretty high because they were under water. I did follow one of the properties which had an upset price of $80k and the bank bought it back for $1. A few months later the property was listed as an REO for $60k. So I guess even if a house is for sell at a sherriff auction it still might not be the best price.

Good luck!