Re: Wanting to buy a house on sheriff sale

Posted by Greg on August 09, 2006 at 14:50:58:

In Reply to: Wanting to buy a house on sheriff sale posted by Vu Nguyen on August 07, 2006 at 18:20:31:

Vu: Acquiring a property at foreclosure sale is risky even for experts. And it could be disastrous for you. Do you know the foreclosure laws in your state? Are their multiple mortgages on the property or just one? Is the one foreclosing in senior position? Are their any other outstanding liens? County taxes? IRS liens? Do you have the financial wherewithal to show up at the court house steps and pay cash for the bid amount?

There is too much to learn to prepare yourself by 8/25. I'd recommend that you attend the sale and approach the successful bidder after the sale to express your interest in buying the property.

: There is a house that I and my wife are very interested in buying. The owners seem to have vacated that house for a few months. The home is going to be auctioned off on 8/25/06. I emailed the mortgage company about the home hoping that they would reply. could anyone give me any information as to what I can do to find more information about that home. This is the first time we are thinking about buying a home through auction, so we are really new to the process. Dont want to go overboard and pay more than what we should for the home. We are not planning to buy and resell, but to buy and live there. Any information would be helpful thanks.

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Comments:
: Vu:  Acquiring a property at foreclosure sale is risky even for experts.  And it could be disastrous for you.   Do you know the foreclosure laws in your state?  Are their multiple mortgages on the property or just one?  Is the one foreclosing in senior position?  Are their any other outstanding liens? County taxes?  IRS liens? Do you have the financial wherewithal to show up at the court house steps and pay cash for the bid amount?

There is too much to learn to prepare yourself by 8/25.  I'd recommend that you attend the sale and approach the successful bidder after the sale to express your interest in buying the property.

: There is a house that I and my wife are very interested in buying.  The owners seem to have vacated that house for a few months. The home is going to be auctioned off on 8/25/06. I emailed the mortgage company about the home hoping that they would reply.  could anyone give me any information as to what I can do to find more information about that home. This is the first time we are thinking about buying a home through auction, so we are really new to the process.  Dont want to go overboard and pay more than what we should for the home.  We are not planning to buy and resell, but to buy and live there.  Any information would be helpful thanks.



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