Southampton, PA · Member since 2014 · 14 posts · 1 vote
Hey guys,
I'm new to all this, but can someone explain what is the step-by-step process of buying a house at a Philly sheriff's auction? I know there's a list of homes on their website. Let's say I'm interested in 20 of those properties. I drive by each house and I like them all. I do my comps and I know what their ARV should be, so I know how much I need to buy it for. Let's say I bid on a house and I win. What's next? What's the first step? What's the second step?
How do you get the title done? I was told that not every title company will do this?
Can you please provide me with a step-by-step guide on how to buy and close on a house bought at a Philadelphia Sheriff's Auction?
Realtor/Investor · Philadelphia, PA · Member since 2012 · 114 posts · 38 votes
11y
I would recommend anyone interested in Philly Sheriff Sales begin their research by signing up for one of the free seminars offered by the Sheriff's Office (next one is Oct 14).
Prepare a list of questions to bring along and ask about anything they don't cover on their own.
After attending the seminar, go to either a tax or mortgage sale and watch the process unfold.
How to Buy a Property at Sheriff Sale (Seminar)
Sheriff Jewell Williams wants to educate potential buyers on the bidding process at a Sheriff’s Sale. This free seminar will provide information on: The amount of money and documents required to secure a winning bid How to pay for the property if you have the highest bid What is the Right of Redemption and how that may impact a sale How long the process will take for the winning bidder to actually receive the deed for the property How to recognize, and research, the type of property you are seeking to purchase Seating is limited. Click the "Register" button below to reserve a space for you and your guests at the seminar.
Investor · Brooklyn, NY · Member since 2012 · 86 posts · 14 votes
11y
I'm interested in finding out about this as well. Not looking to invest in these auctions now but they seem a little confusing in Philly. I see they have multiple foreclosure and tax lien auctions.
Hoboken, NJ · Member since 2012 · 25 posts · 4 votes
11y
+1. Interested in the sheriff's sale. Heard Philly's one of the few decent markets that in the northeast sells the tax deed instead of the certificates. Wish to find out more in BP :)
Realtor/Investor · Philadelphia, PA · Member since 2012 · 114 posts · 38 votes
11y
I would recommend anyone interested in Philly Sheriff Sales begin their research by signing up for one of the free seminars offered by the Sheriff's Office (next one is Oct 14).
Prepare a list of questions to bring along and ask about anything they don't cover on their own.
After attending the seminar, go to either a tax or mortgage sale and watch the process unfold.
How to Buy a Property at Sheriff Sale (Seminar)
Sheriff Jewell Williams wants to educate potential buyers on the bidding process at a Sheriff’s Sale. This free seminar will provide information on: The amount of money and documents required to secure a winning bid How to pay for the property if you have the highest bid What is the Right of Redemption and how that may impact a sale How long the process will take for the winning bidder to actually receive the deed for the property How to recognize, and research, the type of property you are seeking to purchase Seating is limited. Click the "Register" button below to reserve a space for you and your guests at the seminar.