Sheriff Sale
I am attending my first Sheriff sale next week just to get a feel of what the properties around me are selling for at acution. Anything else I should look for, listen to?
Also, how do I know that the properties are free and clear?
When a sheriff sells the property it goes into a sherriff's deed before yours. In allegheny county, all liens are wiped out. But you still should buy owner's coverage title insurance
Lori
[addsig]
If they're at a Sheriff's Sale they are not generally free and clear. They were foreclosed on that's how they got there. A property can also be foreclosed on due to non-payment of taxes - so it might be free and clear.
Usually you can go down to the Sheriff's office and get a list of all the houses to be auctioned for some nominal fee ($10). Go pick it up, then you have some info on which to start looking at the properties that interest you.
Then go and actually look at the house as best you can and/or do the rest of your due diligence. If you bid at the auction you might just win and then it's yours. You can't give it back if you don't like it after all.
Oh yeah,
Become familiar with your local laws. Here in DE there is a nice big font print on the front of the list:
"Risk to Bidders:
Your bid does not necessarily negate other debts on the property. You must research the property at the recorder of deeds office."
So keep that in mind. Like I said. Due Diligence