How To Take Possession Of Property After I Win Sherrif Sale
I've done several rehabs, but bought them all
REO from the bank. I think I can get a better deal via Sheriff Sales.
Question - If I bid on a property (state = PA)
and win it, when can I physically take
possession of the property. Currently it is
owner occupied. Once I buy it at the Sheriff
Sale, do I get right of posession (deed) that
day, or do I then have to 'evict' the current owners?
rehabberPa,
You can knock on their door and try to "work something out with them".
Or if they refuse, you must go to the District Magistrate's office and evict them.
Evictions are not too, too bad in PA.
I'm looking for fellow investors in PA. I get deals to look at and need some partners.
Shoot me an email.
Pahomes
I'm assuming that PA has no "redemption period," but if it does, they don't have to leave--and in fact could rent it out for income--until it expires. My state--MN--has a six month redemption period.
I just joined, and found your posts. I sell real estate in pa, and have taken some properties back for some banks. I go in and offer the occupants anywhere from 500 to 2000 bucks to move out in two weeks depending on the value of the home. The amazing thing is, I have never had someone be unable to find a new place to live in two weeks. Time is money, and money talks. 500 bucks is cheap compared to the amount of time you save.
Texas has a 6 month(non-homestead) or 2 year(homestead) redemption period but once you buy it, it is yours. The old owners have the "right to redemption" if they can come up with the money, otherwise they need to get out NOW. You can evict, but I would not suggest this at all. This is usually a very touchy subject with someone who just lost their house. Like what was said above, offer some money and give them a week or so to move. Be kind and gentle and also firm.