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Old 05-24-2017, 08:36 AM
 
310 posts, read 371,652 times
Reputation: 171

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Hello...


I've always been curious about sheriff sales and how they work.. as well as if it is a good idea for 1st time home buyer. Where are sheriff sales even listed at. Just wondering.


thanks
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Old 05-24-2017, 09:19 AM
 
Location: Pennsylvania/Maine
3,711 posts, read 2,699,796 times
Reputation: 6224
Quote:
Originally Posted by crae09 View Post
Hello...


I've always been curious about sheriff sales and how they work.. as well as if it is a good idea for 1st time home buyer. Where are sheriff sales even listed at. Just wondering.


thanks
ACSO :: Real Estate
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Old 05-24-2017, 09:47 AM
 
3,595 posts, read 3,394,276 times
Reputation: 2531
Quote:
Originally Posted by crae09 View Post
Hello...


I've always been curious about sheriff sales and how they work.. as well as if it is a good idea for 1st time home buyer. Where are sheriff sales even listed at. Just wondering.


thanks
90% of the homes going up for sale are going back to a bank, you will have to do a lot of research on the property you want to bid on. The house can have more than one lean on it.
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Old 05-24-2017, 09:56 AM
 
1,139 posts, read 2,497,509 times
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I always thought if you were the winning bidder, payment is expected to be all cash. Someone can correct me if I'm wrong.
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Old 05-24-2017, 03:34 PM
 
Location: Alexandria, VA
15,144 posts, read 27,795,746 times
Reputation: 27270
Quote:
Originally Posted by guy2073 View Post
90% of the homes going up for sale are going back to a bank, you will have to do a lot of research on the property you want to bid on. The house can have more than one lean on it.
lien
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Old 05-24-2017, 06:24 PM
 
Location: 15206
1,860 posts, read 2,580,232 times
Reputation: 1301
Quote:
Originally Posted by lifepgh2op View Post
I always thought if you were the winning bidder, payment is expected to be all cash. Someone can correct me if I'm wrong.
Correct, but you have a week to come up with the cash. You put something like 20% down on the spot and the rest is due immediately after.
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Old 05-24-2017, 06:41 PM
 
Location: Pittsburgh(Mt Washington)
325 posts, read 323,191 times
Reputation: 218
worst idea possible for a first time buyer.. do a house hack with a fha or a live in fixer upper
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Old 05-24-2017, 07:46 PM
 
6,601 posts, read 8,985,978 times
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house hack?
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Old 05-24-2017, 08:01 PM
 
Location: Pittsburgh(Mt Washington)
325 posts, read 323,191 times
Reputation: 218
Quote:
Originally Posted by ferraris View Post
house hack?
A house hack basically means that you buy a small multi-unit real estate property, live in one unit, and rent out the others. The property for house hacking could be a duplex, a triplex, a fourplex, or even other creative property uses like garage apartments or mobile homes. The income from the rental units can pay for some or all or expenses while you live there. Then once you move out, the property could also become a great long-term rental investment.
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Old 05-29-2017, 07:43 AM
 
1,952 posts, read 1,132,021 times
Reputation: 736
Yes sheriff sale would be hard for anyone. Assuming you are pretty handy (since many homes are in need of repair) you would need to do all cash or have maybe have a rehab loan. Most traditional loans (or FHA/VA) require the home be in a certain condition and require repairs made before closing which isn't possible in a sheriff sale then it has to appraise at the right price too. Assuming you found a loan to work or had cash then you still need to bid enough to make up for what the bank feels is needed which is often at least what is owed which can often be pretty high. Often they fail to get a min bid then it ends up on the mls as a foreclosure sale.
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