All Forum Posts by: Jennifer Porterfield

It is not a tax sale, it is a foreclosure. There are no back taxes owed, just one lien on the property that is hud backed so I'm hoping to have a low upset price being  that the priciple still owed on the hud is insured. 20% is owed immediately during the sale. 

Looking to buy at Sheriff's Sale in Lancaster county PA (for the first time). Found a property I'm interested in... have done title search etc. I have a few questions regarding this...

"All applicable realty transfer taxes will be fully paid from the sale proceeds by the Sheriff's Office. If the proceeds are insufficient to pay all the sale costs, realty transfer taxes, and priority liens, then the buyer shall pay the balance of such amounts to the Sheriff's Office within 30 days after the sale date."

1) If the upset price is 100k and I pay 101k for example, should I plan on paying the 2% transfer tax and county fees? Obviously 1k is not enough to cover the transfer tax and Sheriff's fees... 

2) I thought Sheriff's sales were exempt from transfer tax in PA? The above statement makes me believe its not. 

"Payment for properties must be in the form of lawful money of the United States, a certified or cashier's check from a Pennsylvania Bank"

3) How the heck am I supposed to know the amount to have my cashiers or certified check for if I dont know the final sale price ahead of time? "Lawful money" meaning cash? Really dont want to walk around with 10s of thousands in cash... 

4) Does anyone know what type of deeds Lancaster County PA releases after the sale/payment in full? It does not specify anywhere.

I have tried calling multiple times with no answer, may have to just drive up there. 

Thank all for the support and advice.