All Forum Posts by: Eismail Ismail

thanks everybody, I suggested them both speak with real estate lawyers before moving forward and mentioned other details that you all had replied.

Thank again

title insurance is not going to be accepted by the company until a year after in all (sherif sale) circumstances? Is that because the right of redemption period? 

I have had this scenario brought to me, and I am trying to find answers. I am not of the people, only looking for guidance.

It is not super complicated but it is risky and I am not sure how to go about it 100% and what the best ways are to prevent any problems.

A person wants to sell his house and a potential buyer offered to the current homeowner that they would pay him a lump sum of cash upfront, and then pay off the rest with a set monthly payment within a 5 year period. At the end when all is paid off they will become the new owner.

The current owner mentioned some type of debt on the house, and the potential buyer said you will use the lump sum to pay off any debt.

Where would they go to have the contract written legally so if either parties doesn't do their part they will be penalized ?

Is this something a lawyer should do or are there other places that do these type of things?

Any feedback would be great. Thanks

I apologize I realized I posted this in the wrong section and I don't have the option to delete or move it..I am going to move the text to the correct sub forum .. Sorry I am new with all of this 

@Joe White @Ryan Cameron

Thanks to both of you for your feedback.

I'm understanding from both of you title insurance is very important in this type of situation.

In particular Philadelphia sherif tax collection and delinquent sales now from what I understand they are supposed to pay the debt with the sale proceeds,but sometimes the city isn't good at playing their part and there may be some issues---but what about other liens ex:mortgage

Can thrse can still be lingering after the sale? Which liens can still be lingering?

I see it could be profitable but I also see it could be very dangerous to purchase one of these properties, the research I have been doing it is hard to get a set answer to important questions and they need to be cleared up before moving forward and bidding

hello everyone

I have been searching the Internet and the forum for quite some time now but I haven't been able to have clear answers , hopefully this is the right sub forum/if not I apologize 

I have had interest in the sheriff sale tax collection and tax delinquent sales in Philadelphia,pa. I have been to some auctions to watch and I have also been watching properties and researching them .

I am confused though about these specific sales, are all liens forgiven ? I spoke with people I know that are experienced with these types of auctions and one had said at a tax auction all liens are wiped clean and all you pay is the final bidding amount.

I am reading that some people say that isn't true "taxes are almost never waived"

Or things like --

"At sheriff’s sale, the entity that holds the liens sets the listing price, or bid minimum. In a mortgage sale, the mortgage company sets the bid minimum. In a municipal (tax or L&I) lien sale, the City or its collection agencies sets the bid minimum. The bid minimum is typically equal to the lien amount. When the property is sold, the sale proceeds are applied to the remaining municipal liens. Applying the proceeds clears all liens from the property, even if the proceeds do not cover the liens entirely. This way, the new owner has clear title to the property. "

All of the auctions I am talking about specifically are either Linebarger tax collection/delinquent sherif sale auctions. 

So what is it, are the liens thrown away? If not what kind of liens can still be attached? 

I know I can do searches through city hall here to check the liens on the homes but the site is down for maintenance now and it's the weekend so I can't go to city hall, but even when I do search these things i still won't know!

What exactly should I be looking for to see how much I possibly need to pay if everything isn't wiped clean?

I am still a beginner and i am sure I'll have more questions but any help with this I would appreciate a lot. Thanks!