Bought a house at sheriff's sale this morning. Now what?

[Rich Bultema]

I just bought a property at a Sheriff's sale this morning in Newton county Indiana.

This is a house that was listed for sale on the MLS for the last 6 months or so. I had made several offers including one that was initially accepted allowing me to get a home inspector in there. When the initial closing date arrived, (the 20th) the bank said it was not a high enough offer blah blah blah and would not let it go. It went to the auction block.

Fast forward to today and I was highest bidder, filled out some paperwork and was told I would receive a Sheriff's deed in a week or two but informed me that the house is already legally mine.

The question is that the house is occupied buy the original borrower as far as I know. I have met him and talked to him a couple times already when the house was being shown for sale. I have his contact number from the original listing agent.

Do I reach out to him today already with a cash for keys offer? Do I wait until I have the actual Sheriff deed? If so, is cash for keys a handshake deal, half now half later, or do I accompany it with paperwork?

This is my first auction deal, hell, only my 4th deal overall and could use some advice

Again, this is Newton county Indiana for whatever rules apply.

Thanks.

[Ricardo S.]

@Rich Bultema

Wait until you have the deed in hand. Then contact the original owner inform him that you now own the property legally and would like you offer cash for keys.

Decide on a move out date. (Sooner the better)

You give him the cash when all his items have left the premises and he hands you the keys (change the locks immediately)