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Northeastern Pennsylvania Scranton, Wilkes-Barre, Pocono area
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Old 01-16-2012, 02:16 PM
 
4 posts, read 3,463 times
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Default any experience with sheriff sale properties

trying to find out more information on buying in the lackawanna county sheriff sale. I have a home, I have contacted the lien holder and they were of no help. Would the next step be a real estate attorney? Can you buy before it goes to sheriff sale? thanks for any help! if it matters - we are looking for a home for ourselves and have seen the property. it is in a nice area - we are not looking to become more cheap slum lords
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Old 01-17-2012, 08:03 AM
 
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You've got to do your homework before attending a sheriff's sale. Properties are sold with all liens (taxes, mortgage(s), etc.) attached. If you are the highest bidder, you get a "tax deed" which can be converted into a "special warranty" deed when all liens are satisfied. Consult an attorney specializing in real estate law.

There is another type of property auction in PA called a "judicial sale." These consist or properties that the county has not been able to sell. They come free and clear of all liens. They might be abandoned buildings or small unbuildable lots or properties with environmental issues. Occasionally, you can get a bargain.
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Old 01-17-2012, 08:32 AM
 
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Quote:
Originally Posted by Wells5 View Post
You've got to do your homework before attending a sheriff's sale. Properties are sold with all liens (taxes, mortgage(s), etc.) attached. If you are the highest bidder, you get a "tax deed" which can be converted into a "special warranty" deed when all liens are satisfied. Consult an attorney specializing in real estate law.

There is another type of property auction in PA called a "judicial sale." These consist or properties that the county has not been able to sell. They come free and clear of all liens. They might be abandoned buildings or small unbuildable lots or properties with environmental issues. Occasionally, you can get a bargain.

Yep about 12 yrs a friend of mine was able to snatch up a few lots at a Judicial sale , got one for $17 and paid under $100 each for two more ,, all side by side ,,
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Old 01-17-2012, 03:27 PM
 
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I want to correct a previous post (11:03 AM). You get a "tax deed" at a tax sale. You can get a regular deed at a sheriff's sale when you satisfy the lien of the party who brought the action but all other liens stay on the property. The current owner can stop the sale by paying off the mortgage. A prospective buyer may be able to negotiate a deal with the property owner before the sale. A good idea is to hire an abstract company to do a title search before the sale to find the liens and the dollar amounts, easements, boundary disputes, etc.
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