Updated almost 5 years ago on . Most recent reply
Sheriff Sale Options
Hi everyone,
I’m a first time home buyer. My fiancé and I were working to purchase a short sale for around 7 months. The deal eventually fell through and the property is now up for Sheriff sale. We have extensive knowledge about the property’s condition, have toured it multiple times, and even walked through with contractors, so I feel confident it would be a good investment as our starter home that we will slowly fix up. As it is a sheriff sale, it is now listed as cash only. 10% at time of sale and remaining in 10 days. We believe that 200,000 is a strong offer, but we cannot get that much cash, however, my father has the cash and offered to buy the house and then sell it to me so I can
My question is this: How should we go about doing this? Should we bid at the auction jointly and then after closing refinance? Or should he buy it outright and resell to me immediately?
Thanks so much.
Tony