U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
Old 01-28-2010, 03:53 PM
 
Location: Lansdale, PA
46 posts, read 116,185 times
Reputation: 16
Default Sheriff Sale (auction) in PA Pennsylvania

Looking for some information from someone familiar with how sheriff sales work in Pennsylvania!

I recently found out that a house directly next door to my mother's is going up for Sheriff Sale at the county courthouse in about a month, after having gone through foreclosure proceedings for several months. Since my mom lives next door, she's been keeping a close eye on the condition-- apparently the owner had made some improvements in attempt to sell before foreclosure, so I have a pretty good source in there that tells me this place isn't a dump. It's an exact mirror in plan of the house my mom has so I also know exactly what the layout/spaces are like.

So, potentially, I would be interested in purchasing this house through Sheriff Sale-- my wife and I have been looking for a property and recently had a deal fall through this past December. We currently rent.

What I do know is that a Sheriff Sale is essentially an auction, and I gather that the proceeds of the auction go to the mortgage holding bank?

The amount outstanding is part of the public record in the Sheriff Sale listing, in this case about $105,000. Does the bidding start at this point? If there are no bids, does it just go up for Sheriff Sale again next month?

I also know that the day of the Sheriff Sale, winning bidder must pay 10% immediately in the form of cash/money order/certified bank check, and that the balance is due within 10 days. Am I to assume that this balance, in this case, about $94,500, must also be in cash?

What this sounds like to me is that any potential buyer must be paying for this property completely in cash, paying the full amount of the winning bid (not to mention any liens). i.e. if one does not have $105,000, then one can not buy this property? Am I correct? There's no way of paying the 10% "down" so to speak, and obtaining a mortgage to pay the balance? What if hypothetically one were to have financing more or less lined up heading into the Sheriff Sale?

Thanks in advance for any info!
Reply With Quote Quick reply to this message

 
Old 01-28-2010, 04:14 PM
 
Location: Tempe, Arizona
4,511 posts, read 7,220,812 times
Reputation: 2101
Balance must be in cash within 10 days or lose deposit:

Sheriff Sale Rules and Instructions | York County Sheriff's Office | York PA (http://york-county.org/sheriff/sheriff_sales_rules.html - broken link)
Reply With Quote Quick reply to this message
Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top