Buying At Philadelphia Foreclosures
Hello,
I'm wondering if anyone can give me some pointers on how to get started... I know that there's one auction coming on Nov 9th where the sheriff has quite a long list of properties listed for judicial mortgage sales. Questions:
- preparation. what kind of information do you try to glean when you drive by properties? Do you get concerned if somebody is living there? What kind of questions do you ask (or tricks) to get the residents give you more info?
- who are the typical bidders at such auctions? banks? groups of investors? individuals?
- what kind of things do I look for on the writs? Where can one go by checking for violations / second liens etc.
- bidding action... is it very competitive? are prices close to the amount owed on the mortgage?
- payment... sheriff's website says it needs 10%... do you carry a bunch of cashier's checks for that?
- eviction... how do you deal with the now tenant once you obtain a property. Do you offer to turn them into renters? Or do you evict them.
Thanks in advance for all advice you folks can give me.
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