I am interested in buying a condo at a sherriff Sale in NJ. I've gone by the area and spoken to neighbors and they have confirmed that the owner does not live there and nobody lives there any longer. They said the owner may come by once every 5 months or not at all. I've also spoken to the security guards for the complex and they also said that the condo is vacant and has been for over a year now.
With that being said, would I be able to go in and change the locks right away if I am the successful bidder at the Auction? After I have closed and received the deed, can I move forward to enter the property and start renovations?
I really hope that I would not have to wait around and file the writ of possession, which could take months before I can enter especially since I plan on living in the property.
The neighbors doubt the owner will put up a fight but I'm still seeking advice from those who have gone through the auction process before....
That's a risk you have to decide on your own. have I done it? Yes. Has it bitten me? Not yet. But doing that is more of a "when" will it bite you vs an "if" it will bite you.
EDIT: Sorry I thought you were talking about before the deed. After Deed if it's vacant, I would move forward.
@Mike Cumbie, Yes that is what I mean, after I make the payments in full and get the deed. So at that point I shouldn't be worried about entering the property and making renovations?
If it's vacant and no "Obvious signs of occupancy". I would personally move forward and not think about it again until someone filed something or sent a letter or reached out. However still the risk does exist if someone left a chair in there that they can start making claims. People can also make claims if you walk past their window that you blocked the sun from hitting their plant and need to pay..... sooooo. It's all risk vs reward.
@Anne Williams once you close the transaction you become the legal owner you shouldn't have any issues. Id talk to the folks down at the auction and look at the FAQ section of the website if you're concerned all omake sure that you do a title search on the property to make sure you're not inheriting any issues
@Vaughn Smith I guess what I'm referring to is the Writ of Possession. I'm just hoping in a case like this I don't have to file it or wait for months if the owner technically doesn't live there.
I'm currently now working on a title search. Do you know any company or organization that do title searches that's not too expensive?