Middletown, NJ · Member since 2018 · 7 posts · 2 votes
Hey Everyone!
So the MLS is a bit dry and very competitive. So I am looking to do some off-market marketing. I am also looking to get into Sheriff Sales (Auction). Funding is not my issue, the amount of deals I want are.
The question is.... How does the Sheriff Sale work? and what do I look out for specifically?
I have been to a sheriff sale, my area needs 10% down payment right then and there. But I am wondering what fees to look out for. How do you know of any liens? Do I run a Title search on every property I am interested in? Will a title search catch everything?
Investor · Pittsburgh, PA · Member since 2015 · 1k+ posts · 1k+ votes
8y
@Nicholas Zinner I attend the sale here in Pittsburgh once a month. It is highly competitive there also. We have over 500 for sale each month which are either new or post poned from prior months. It takes a tremendous amount of effort and time to search through all of them. On average only 7% actually sell so the chances of you getting a better deal at the sale is pretty rough and its risky. I would take some classes from a local expert or attorney who knows the sale and then dip your toe for 6 months. There are so many risks to mention in one email. Dont get me wrong if done right you can find some deals but if done wrong and you think you are going to circumvent the process then buckle up. You are in for a crazy ride.
Middletown, NJ · Member since 2018 · 7 posts · 2 votes
8y
@Alex Deacon Thanks a lot for the input! I continuously see new flip properties hit the market and when I check the tax records, they are purchased from sheriff sale. So if I want to be a big dog in this market I need to get a piece of those deals. Or find some great off market deals. I am sure there is a lot of risk with it, but I think some research could limit it a bit. We will see. thanks again!!