Sheriff Sale
I am new to this. I am looking at a property in a very nice area that I noticed is going for Sheriff's sale. Unfortunately it is on 2/5/04. It is a beautiful home and going for about 1/2 of the value. Am I able to do something with the owner before the Sheriff's sale? Not sure since I haven't done this before. Please give me some insight.
Thank you. 
The foreclosure process laws in the state of the property will govern how much time you have to purchase, or pay off the defaulted loan.
So find the foreclosure law in that state and read it carefully...the rights of all parties are most likely very carefully spelled out in that/those statutes.
If you don't feel confident to find them yourself on internet, buy a lawyer's opinion in that state and you'll soon have a professiona opinion on which you can rely.
if you have cashola on hand, ask the owner what they'd need ($$$) to bring the note current, or at least how much would have the bank put off the sale. ask the owner to find out what amount will be needed to reinstate the loan. if you have this amount, do it and take the property subject to the existing loan (considering the numbers still add up right).
if not, you can always get a quick loan to buy them out for a little more than the balance of the loan (maybe 5k more, for her benefit).
Oh, forgot, you would only want to buy the title holder's rights if you could also then afford to buy the note at a good discount so you'd own the RE at a good bit less than its value.
Since the owner is being foreclosed, you couldn't get any rights he doesn't have...and it may be that only he has the right to redeem the prop before it goes under the auctioneer's hammer.
So you, via your lawyer, might make deal with owner to have him pay off his loan, with your money, then have it presold to you via deed to you...that deed could actually be signed and given to you before his payoff to lender, but recorded after that payoff.
As I said already, you need to learn the local law on this from a pro who can find it and give it to you straight.
Then if you do want to deal with owner as mentioned, your lawyer could be the intermediary to make it all escrow in right order but have you fully protected.
Though some property w/equity does manage to fall thru the cracks and wind up at a NJ's Sheriff's Sale, I would carefullly examine all available information... if it's a second mortgagee that is foreclosing.... that would have an impact on equity.
Even after the Sheriff's Sale has been concluded, the Homeowner has a 10 day right of redemption. You, as a speculative investor can arrange to purchase their ROR.... as long as you are prepared to raise the $$$ needed to redeem.
Sheriff's Sales are not for the inexperienced.