All Forum Posts by: Florian N.

You can't finance a Sheriff Sale, you need cash or certified checks.
The only way you could go about this would be to have cash and maybe try and get a personal loan to cover the extra you may need. This may depend from state to state but at least here in PA you need to have the funds the day of the sale.

Steve Babiak put together a nice post regarding sheriff sales and trustee sales: http://www.biggerpockets.com/forums/41/topics/68977-foreclosure-auction-sheriff-sale-and-trustee-sale-faq

It's a good read, i would recommend spending a bit of time and going through those posts.

Steve Cerami Yes you will have to pay right then and there from what i know regarding CA Trustee Sales.
The best idea would be to maybe get a cashiers check for the minimum bid and have cash with you to cover the rest.
It's my understanding(if i am not wrong) that you will be able to bid only up to the amount of funds you have on you so make sure you have all the money you want to spend with you.

Good luck.

David Krulac Sorry for the confusion, i was asking directly about a Judicial Sale but some states don't have it so referred to it as a tax sale.

I figured that this is how it's supposed to be just wanted a confirmation.
And yes all it comes down to is the notices. I've seen cases where a sale was held and the bank came after the new owner because of an already existing foreclosure process that started before the sale was held so hence the question.

I may not be pursuing such a sale to soon mostly because of the possibility of ending in some hot waters and it seems to be a bit to risky at least for me depending on the amounts involved.

Thanks for the reply David.

Ibrahim S Thanks will give him a PM.

Ned Carey That's how i see it as well, just want to make sure i got it right :). Thanks for the reply.

I was wondering if someone could clear the following question.
What happens with the mortgage/lien if a property is sold at a tax sale(judicial PA) but said property is under the foreclosure process but not finalized yet, eg. bank started the foreclosure process but it's still on the roll.

I can't seem to find a straight answer for this one.

I understand that if the bank/lender doesn't pay the taxes the property is foreclosed on and the title will be free and clear but as the foreclosure process is already started what happens?

Thanks for any insight.