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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?
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