All Forum Posts by: Darrin Wesenberg

Well, we won the property at a bid of $74,000. More than we had hoped but still a good deal. We gave a $4,500 check to the courthouse leaving a balance of $69,500. We're hoping the local bank we've been working with will approve the loan once we can get inside for an appraisal.  Otherwise we'll have to explore other options like maybe a hard money lender.  Here is the property, in case anyone's interested: http://www.zillow.com/homedetails/28-Oak-St-Delaware-OH-43015/33751246_zpid/

@Steve Babiak we do have access with a lockbox, and the house is vacant.  and yes she plans on a max bid of about $80,000 based upon what she pre-qualified for (normal loan).  just trying to find a lender (bank, portfolio, hard money, etc) who is willing to provider her a loan.  she essentially plans on moving right in and fixing it up while living there.

@Percy N. any suggestions for hard money lenders who might lend on a sheriff auction property?

@Bill Bodziak interesting, I never thought that a bank would view that $4500 10% deposit to the courthouse as a "down payment" for a loan.  so let's say she wins the property at $50,000 and finds a 5% down conventional loan (i.e. $2500 down payment)... would that $2000 left over be credited back to her?

@Steve Babiak and yes, we were lucky that the property has been listed on the MLS for months so we have gone through it numerous times, and had an inspection done this week while we still had access to the property. all the major stuff (foundation, roof, furnace, etc) checked out OK so we're hoping that helps her case to get a loan. one issue is that the water is turned off and the house has been winterized so we wouldn't be able to have the water turned back on until the deed transfers into her name.

Hello, I wasn't quite sure which forum to post this... I am a licensed agent here in Ohio, and have a client who has absolutely fallen in love with a property going up for county sheriff auction in less than 2 weeks.  It's definitely a fixer-upper, but nothing that seems too outrageous.  A lot of cosmetic stuff.  Still, I don't know how a bank would view it for the purpose of providing a home loan.  The county appraised it at $45,000 which means an opening bid of $30,000 (2/3 of appraised value), and they require 10% of appraised value paid upon winning the auction so my client would need $4,500 day of auction.  She then has 30 days to come up with the remaining balance.

So fellow BiggerPockets members, does anyone have experience obtaining financing on sheriff auction properties?  I realize most buyers at county auctions are cash buyers.  She has been pre-approved by 2 local banks for $70,000 and $80,000, so unless there is a bidding war on auction day my client can "afford" to take out a mortgage on the place.  The other issue is that the 10% (or $4,500) upon winning the auction that she would owe is essentially the money she has saved up for a down payment, so she might not have enough for another 3.5% or 5% down on a mortgage.  She just recently applied for a loan from her credit union to help with that $4,500 (since the courthouse doesn't care where that money comes from) and was approved for $2,500.  I also know she also shouldn't be applying for other credit while seeking a home loan, but she didn't know what to do to come up with the extra money.

We scheduled a home inspection in 3 days.  Both banks she's spoken with said that an inspection report would help them determine if they could provide financing.  The auction is in less than 2 weeks, so time is of the essence.  Any advice would be appreciated!

Hey @Shabree Nichols, did you have any luck finding financing for your sheriff auction property? We are in a similar situation, bidding soon on a property at sheriff auction that may or may not pass FHA (or other lenders') approval, due to the work that is needed. I'd just like to know if you had any success!

Looking for recommendations for an excellent home inspector in Central Ohio!  The property is in Delaware so preferably someone up that way.  Any ideas??  Columbus works too if they're willing to travel, but we're looking to have this done ASAP!  Thanks!

Hey @Steve Baldwin, fellow Central Ohioian here.  Sorry this doesn't have to do with your post but I'm looking for a good (the best!) home inspector in the Delaware area.  Any recommendations??  Looking ASAP!

hey @John Horner, I'm newly licensed in Columbus and this sounds like a really interesting and educational opportunity.  I'd love to learn more and possibly help out.  I'll PM you. 

@John Hamilton who's the "really good, fast, and reasonable" plumber guy in Columbus, OH that you speak of?  I'm in Columbus and have a couple investment properties that need some major plumbing work.  looking to find someone "good, fast and reasonable", as you described. ;)