Property Owed By The Sheriff's Department
I have found a house in a neighborhood I am interested in that is owned by the local sheriff's department. I looked into the background of the house and it turns out that the house has a large barn/shed that was being used to grow and distribute marijana. The sheriff department now own's the property. My first question, mostly out of curiousity, how did the sheriff's department become the rightful owner?
Next, the sheriff's department is accepting sealed bids with a minimum bid of $75k through June 22nd. The neighborhood houses go for between $120-$150k. I feel this one is worth about $125k in good condition. Though it is far from. It will need new carpet though I am hoping to find hardwood under the carpet, some updating in the kitchen, shutters are missing, windows are old single pane, and lots of paint to start. I forgot to check the HVAC condition. Has anyone had any success with these kind of sales and do you have any advice? My husband and I are thinking about offering between $83k and $86k which with repairs will put us in at about $100k which will be 80% of ARV.
We plan to make this our primary residence for now and either sell or rent it out later.