All Forum Posts by: Chad Jarrah

Thanks @Wayne Brooks. I assumed it was to show banks what he would pay and his bid would be recorded (maybe for a deal later). The guy I'm referring to def has a reason for it that benefits him. I've bought two times at sheriff's sales - I just wanna get better at them. I just get the feeling that everyone knows so many more tricks than I do. Do you have much experience with sheriff's sales? Would you mind if I message you with a few more questions?

@Austin Hughes ...well we're both interested to hear some experienced responses. No luck yet!

@Percy N., I had my title searcher check everything so we're good on that end.

@Rick Pozos, thanks for the info. But how can I help? I'll be honest, my end game would be getting a great deal, but I'd be fine with some great karma as well.

@Emily S., the property was pushed for sale in Dec. That's why I'm trying to figure out if I can reach out to the owners and the best possible way to do it. Thanks for the interest.

Just curious about the "costs" during a sheriff's sale auction. If the upset price is $35,000 and the costs $5,000 and you win the bid at $35,000, would you pay about $40,000 to buy it and close? Thanks.

Also, one other question. I've seen seasoned sheriff sale buyers make a lower bid on a property right after the bank makes a large bid. For example, property at 123 Main St is up for auction. The bank says their max bid is $125,000 + costs. The potential buyer makes a bid of $60,000, then the bank $65,000, then the guy $70,000, then the bank $75,000, then the guy stops and the bank takes it. The bank already said their max bid would be $125,000 so what is the benefit of the guy to try and undercut them. I know there is a reason for this because the gentleman is a very active buyer but don't know what it is. Can anybody shed some light on this?

Thanks again!

Thanks @Kim Martin, I will message you for some advice. Thanks!

@Account Closed, I'm not sure why they just wouldn't sell the property, but at this point they have 3 months to figure it out. I've gotten deals before with good ARV's at sheriff's sales. I checked the liens on this one so I'm not sure what else there could be. Any insight?

Hello. I was curious what experience people had in contacting a current owner prior to a sheriff's sale in which their property is one of those to be auctioned off. 

- Is it common practice to make contact to try and buy directly from the owner?

- Is this even legal?

- Any successes?

- Best ways to make contact - letter or knock of the door or another way?

The property in question was set to be auctioned off this week but is now postponed until December of this year. There are no major liens (a few municipal liens totaling ~$800) other than the first mortgage which is bringing the judgement. ARV of the house is about $150k; they currently owe ~47k

Thanks in advance for any tips/advice.

Chad Jarrah

Hello @Emmanuel Krangar...welcome to BP. This is a great place to start - read the articles, ask questions and learn as much as you can. Here's an article I came across on here that might be a good start:

http://www.biggerpockets.com/renewsblog/2015/09/01...

Good luck!

Hello guys! I recently have come across a commercial real estate venture in my area that I feel is a great opportunity for me. My experience is in residential real estate so, as much as I'm willing to learn more about the commercial end of things, there is a lot I am unfamiliar with. I was hoping to see if anyone on BP has any experience with commercial development and would mind having me bounce a few ideas/thoughts off of them. Looking forward to chatting. Thanks in advance!

@Michael Glunk...@Mark Gallagher is correct. Many parts of Liberty street are not the greatest so those areas are more difficult to sell especially if it's outdated. Maybe priced too high? Inbox Mark more about this. He's a good realtor in the area - if you give him more details (current listing price, Beds/Baths, condition of the home, exact address, vacant or occupied, units or single family) he could help a bit further. Good luck!