Sheriff Sale 1st Timer, Help!!!

I am attending my first sheriff sale ,as an observer, this morning. Any tips on questions to ask or contacts to make?
Also, what is the difference between a sheriff sale and a sale of land under execution. confused

Comments(5)

  • tinman175512th February, 2004

    Don't get excited and hold up your hand they might take it as an offer

    lori
    [addsig]

  • loon13th February, 2004

    If you're in a small town, you might be the only one besides the sheriff and the lawyer representing the bank, esp. if there's no equity present. I took that opportunity once to chat up the lawyer, and learned a few things. You can even ask the sheriff, "how many people usually come to these, what happens, etc."

    If other investors show up, maybe you can do the same. Ask for their cards. You might end up working with them on deals. Ask if they buy houses before foreclosure, how many houses they buy, how they sell them, etc. If there's much competition, esp. if there are competing wholesalers (who buy foreclosures, mark them up, and pass them on to investors) you might not get much info out of them. But you should go to a few no matter what, at least until you realize you're better off getting the deed before the sheriff's sale...then you can focus your efforts there.

    And the morning before you go, call the Sheriff to make sure the sale(s) hasn't been cancelled or postponed (and if so, ask why!), as many are, so you don't waste a trip.

  • 4myhouse14th February, 2004

    on the sheriff sale forum, someone mentioned purhcasing the deed before the sheriffs sale, how do you do that????

  • rjs935216th February, 2004

    By meeting with the owner and having them sign a contract with you. The devil is in the details. There are many ways to meet with the owner and there are many ways to structure a deal. Now you have an answer to your question.

    Ryan J. Schnabel

  • MarleneM16th February, 2004

    Ok, I'm interested in the meeting with the owner topic.

    What are your favorite ways of meeting with the owner?
    MarleneM

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