Judicial state foreclosures

2 Replies

buying houses in judicial states in auctions.

I would like to know how's the bid decided from the judgement and the reflection on the plaintiff owed amount? I know you want to know if you are buying 1st mort or 2nd ect. However I want to know if first mort has any charges that I need to know from the first mort? I may not be understanding the materials I'm reading or the videos I'm watching but it seems like the owed amount is the open amount in judicial states. And if I win in a 1st mort with no liens surviving the foreclosure I'm clear. Plus is it 12 months redemption period for PA?

Originally posted by @Mikey Grabon :

buying houses in judicial states in auctions.

I would like to know how's the bid decided from the judgement and the reflection on the plaintiff owed amount? I know you want to know if you are buying 1st mort or 2nd ect. However I want to know if first mort has any charges that I need to know from the first mort? I may not be understanding the materials I'm reading or the videos I'm watching but it seems like the owed amount is the open amount in judicial states. And if I win in a 1st mort with no liens surviving the foreclosure I'm clear. Plus is it 12 months redemption period for PA?

The Judgment amount is the maximum that the bank can bid up to in a foreclosure sale. If there is equity in the property then it is most likely they will go up to the maximum amount. However if it is under water the bank might bid up to the property value or less to entice third-party bidders as they generally do not want to own the property.

yes if you win the bid with no lien surviving, then you should have clear title. There is no right of redemption in PA, at least not 12 months. Those are in AL and MI.

as for additional charges, in PA depending on the county you have to pay a sheriff poundage fee which ranges from two to 4% plus any transfer taxes.

@Chad U. OMG THANK YOU SO MUCH!!! I feel like I need to pay you for all of the information you are giving me. The redemption period was the most I was fearing with moving on actually bidding on the 7th. I really appreciate all of your help!

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