Sheriff's sale - how to buy for an investor

Sheriff's sale - how to buy for an investor

Troy F.Pro Member
Investor · Asbury, IA · Member since 2018 · 80 posts · 29 votes

Hello BP,

I have an opportunity to buy a home from a sheriff's sale.  In oreder to close on the house you must have 100% of the cash the day of the auction.  Sale price will likely exceed $270,000.  The property is easily worth $340,000 as is.  I have an investor willing to front the money.  The plan is to have the investor buy the home and then I will get traditional financing through a bank.  I've already been pre-approved.  The question is, can I buy the house for the investor in his name?  I'm thinking he could wire funds to Walmart in the form of a cashiers check.  I would then take that check to the sheriff's office and purchase the property in his name.  Will that work?  Is there a step in this process I am missing? It seems so simple in my head.  

Thanks,

Troy

0Reply
43 views

1 Reply

Jump to latestLatest
  • Jared HottleBusiness Member
    Real Estate Agent · Cedar falls IA Waterloo, IA · Member since 2020 · 902 posts · 549 votes
    3y

    There are pretty serious implications if you do not have the money the day of. Is it possible to have the money before hand? I have never done the walmart to walmart but can they transfer that much in a day? I think it would be best to buy in your name and have his money secure a mortgage on the property. Make sure to go to the sheriff sale and see how it works. In my area they are hardly a deal anymore because of the competition and bidding up.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.