All Forum Posts by: Sandy Reddy

Hi,

For the first time I am planning to buy a property in sheriff sale in NJ. . The property is in good shape. Now, i spoke to a mortgage broker if he can help me to close in 30 days. As per the sheriff sale instructions I am fine to pay down 20% right away if i end up being the winning bidder. 

Now, for any reason if mortgage cannot be closed within 30 days. Whats the possible ways to pay the reamining 80% to sheriiff office. Are there any short term lenders ? If so how do they lend money ( what kind of collateral is required)

I can raise the remaining 80% and pay off the sheriff office, and later can i apply for a home equity loan ?

What are other important things i need to look for in a sheriff sale?

Can upset price be more than the outstanding loan amount (judgement amount) ?

From my past sheriff sale participation, I never saw a preoprty upset price being higher than loan amount ?

How to find out the liens on the property ? 

Is protitleusa.com tile search report is good enough to get the details of the property ?

Regards,
Sandy

Hi,

I am willing to buy a property that is listed in sheriff sale in NJ. Is it possible to deal this property directly with the bank ? Whats are the pros and cons of buying a sheriff sale property. And if i am the successful bidder how to send a eviction notice to the current person living in the property.

Regards,

Sandy