Sheriff Sales - What Lessons Have You Learned

[Cassandra Sifford]

I recently went to a Philly meetup panelist discussion where they talked about sheriff sales and pre-foreclosures. Opened my eyes to a whole new world! I found a multifamily property locally in Wilmington, DE that I've been interested in. I located the New Castle County sheriff sale list and low n behold the property is up for sale this coming June 11th. Wondering what tips you've learned about the educational aspect and the aquisition of sheriff sale properties, preforeclosure and foreclosure properties. Any information you can share is greatly appreciated!

[Jay Hinrichs]

Originally posted by @Cassandra Sifford:

@James Masotti  Thank you for your response!  Do you run the title searches yourself or use a title company?  If you do them yourself, do you use a certain website or go down to the county recorders office with your list?   I know the searches through a title company can get expensive depending on how many you are interested in bidding on.  We can't win them all and I don't want to spend a lot of money doing the title searches and the property  goes to someone else.  

I checked the zoning on two properties on Jackson St. that I was interested in.  Both are zoned SF.  I spoke with one of the owners and he advised that he spoke with the zoning administrator about making it a boarding house.  There are already two on the block.  Seems that both properties would be candidates for that if it's possible.  

I'll scope out the sale before I buy.  It looks like alot up that day so I hope to see some action.  

Question ... I believe after it goes to the sheriff sale and no one bids, it goes back to the lien holder (bank) and they sell it as an REO ... correct? If so, have you ever gone directly to the bank after it goes back to them to see if you can purchase it that way before it hits a realtor/MLS listing?

 small portfolio lenders or local banks credit unions may let you do that.. but bigger banks its not possible it goes through their system.. And many times is a servicer foreclosing not a bank..