Sheriff Sale
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Sheriff sales can be a great way to buy a home for under the market value of the home. However, there is a lot of risk involved with buying a home from sheriff sale if you have not looked at the home, inside and out. When you buy a home from a sheriff sale, the sheriffs department does not allow you to go out to the home to inspect it before you bid. You can stop out at the house before the auction and knock on the door and if someone is living there, ask them if they mind if you check the house out. However, generally someone who has their home foreclosed on is not going to be willing to allow people to walk through their home so that they can buy it from auction.Sheriff Sales are typically performed as public auctions. All bidding is done orally for all to hear. Bidding generally begins at 2/3 of the appraised property value, except for foreclosures brought on behalf of the County Treasurer for collection of delinquent real estate taxes.
At a sheriff sale you will be bidding against professional investors who often have cash on hand. Be sure and go prepared to have the financing to purchase the home if you have the winning bid.