Sat, Jul 04, 2009
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Sheriff Sales In Pa |
gatorsfan64
5 Posts
Member Since: 01/17/2004
Ambridge, PA
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Posted: 19:03 on 01-17-2004
Iam total newbie and just a few ?s in the sheriff sale area , ive been to 1 sale just to watch and learn, did a couple of title searchs just to get feet wet, on this process. ? is what happens after the sale , example i bid on property and win far below what is owed on said home, what happens to that balance? also what kind of fees and expenses am i looking at before getting deed and taking actual posession of property . like i said totaly newbie dont want to get burned or in over my head with this not looking for return on home just to live in and then maybe if things go well then look to turn profits on others thanks for your help
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mcldavid
46 Posts
Member Since: 01/04/2004
Newberg, OR
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Posted: 04:00 on 01-18-2004
gatorsfan64
IF you win the bid and the lender didn't pull the house(accepted what your bid was) the difference could be sought from owner (a deficiency judgment)
The other expenses, ask the "court clerk". They will dial you in. hope this will help mcldavid
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gatorsfan64
5 Posts
Member Since: 01/17/2004
Ambridge, PA
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Posted: 00:19 on 01-19-2004
thanks david so you are saying that the bank can pull the home even after i place the winning bid and pay the 20% or what ever the sheriff requests. what happens to the money that i paid the sheriff? am i out that money? and does the bank have the right to pull the property after sale is complete, after the 30 day period? the only lein showing is that of the bank and they dont show for sale i bid min(att. fees and costs) and win bid they have the right to pull house ? why even bother having sale then, if they can do that, basicly they are saleing home then. 
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thomasgsweat
227 Posts
Member Since: 08/06/2003
Venice, FL
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Posted: 11:02 on 01-19-2004
The lender will usually put in the initial bid which equals what is owed to them. If no one beats that bid then the bank gets the property back.
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gatorsfan64
5 Posts
Member Since: 01/17/2004
Ambridge, PA
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Posted: 11:36 on 01-19-2004
so if i win bid i get property at that price with owing no one ( if there are no other leins) right ? or do i owe something else? do i do a quit claim deed on that afterward or do i just keep the sheriff deed and thats the end of it? sorry for so many questions iam just total newbie and the sheriff sales here are going cheap at times and seems to be easy way to get hold of some properties
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gatorsfan64
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Member Since: 01/17/2004
Ambridge, PA
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Posted: 11:37 on 01-19-2004
thanks thomas sorry
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