Sheriff sale

[Sandy Reddy]

Hello Folks,

I am a licensed real estate agent in NJ. I am planning to bid on a sheriff sale property (for personal use ) in the coming weeks. 

1. Is there any paperwork that i need to do with my sponsoring RE broker ?
2. Do i have a inform sheriff that i am a licensed RE agent ?
3. And anything specific that i need to keep in mind while participating in the bid ?

Appreciate your inputs.

[Pablo Maiorino]

Sandy:

I don't know about all the counties, but I am in Gloucester county and have viewed a couple of the sheriff's websites for neighboring counties. 

You do not need anything except money.  You must pay 20% on any bid's you win.  Best to have Cashiers checks made out to yourself for multiple amounts(Because they don't make change) 

I recommend you visit the county's website and look for the Sheriff's dept.  It will most likely have all the rules and dates and times of sales. 

I recommend attending one or two sales as an observer and take notes. Try to see who the major players are(They will be at every sale)  Watch what properties they buy then investigate the properties after. 

I have just started my self and have purchased 3 properties so far.  I do have the help of my Best friend that has been doing it for 27 years, so that helps a lot.  

Good luck and I hope this helps.

Pablo