Sheriff Civil Real Estate Sale?

Question

Hi, I'm wondering if anyone on BP has purchased a home from the sheriff civil real estate auctions in either Indianapolis, IN or in their own city. I've called and they don't give much information on those types of sales. If anyone can explain it and the process after your bid was accepted. Will the property become yours right away? Will I be guaranteed free of any hidden liens on the home. I'm a complete newbie and any information could help. Thank you !

Ryan Mullin · Answer

Nothing is really "guaranteed"

You get opening bids the day before the auction...  drive property, do research.

You put your money down up front before you bid.  (cashiers check made out to marion county sheriff).

If you are the first to bid then you "open the bid"...   once the auction starts you can only bid up other opening bids.   If you put in the opening bid and no one bids it up then you get it for the opening bid price.

Most liens (99%) will be cleared up, but again its not guaranteed.

Some mistakes that I have seen people make:   Buying a second mortgage or buying a lot next door to the house they thought they were buying.  Just because you have the address correct doesn't mean that the parcel number is correct.    IE;  1 Address can be 2 parcels, where only 1 of which is being auctioned.

Be careful, Do your due diligence and dive in...   No guts no glory :)   Hope this helps!

Ryan Mullin · Answer

After your bid gets accepted the house is yours...  but it will take about 3 weeks to get the deed.  Once you get it you just need to record it at city county building.

Cristian Castro · Answer

Thanks Ryan! I would have never thought of checking the parcel number just to make sure. I definitely need to do more research on the home and these types of sales in Indianapolis. I'm looking to start to invest here in Indianapolis on the west side of town for right now. I know this area better. I just need to get passed that feeling of fear and go do it.