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Posted by Jim V on August 10, 2006 at 00:49:47:
In Reply to: Re: Wanting to buy a house on sheriff sale posted by Vu on August 09, 2006 at 19:17:05:
Vu,
I didn't see any mention of the state you'd like to purchase in, so it's tough to say where the best purchase point is.
The safest purchase from a retail perspective will be after the lender has taken ownership. The best time to present an offer, if you are looking for an "under-market" property, is after the lender has taken it back, but before they list with an agent.
If your county has a current list of property auctions, and the results, I'd recommend you follow the results and submit offers as soon as the lender takes back properties you have an interest in.
I've successfully used that strategy as an agent, with buyers looking for under-market property, it can provide some good deals. It can be time intensive, so I don't do it anymore, but I think we're coming into a time where that is a viable strategy.
: To be honest I dont know any of the laws of forclosure in my state. Looking at my counties website seems that no one bid on those houses other than the atty representing the mortgage company. I have enough money for the deposit they require, but was thinking about getting the loan for the rest. But I think that I will just play it safe and maybe wait until the mortgage company post the home up for sale after they won it at the sheriff sale. Thanks very much for the reply.
