Forecloser Steps
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so if i win bid i get property at that price with owing no one ( if there are no other leins) right ? or do i owe something else? do i do a quit claim deed on that afterward or do i just keep the sheriff deed and thats the end of it? sorry for so many questions iam just total newbie and the sheriff sales here are going cheap at times and seems to be easy way to get hold of some properties
If you are going downtown Pgh to the courthouse, I'll tell you what happen to me. I bid on a property and won, then went to the clerk of courts and paid 10% down. I had to go back within 48 hours and I paid the rest of the money to the clerk of courts. Fortunately, since I have contacts everywhere, I had already researched the property, through Title searches, property reports, and tax certs. The person had died and had no relatives so I only had to outbid the mortgage holder on the property, which was Household Bank, I Won the bid and paid two years back taxes. The house was in Monroeville right behind the Mall. Since you are from Ambridge you probably know at least the area. The house was appraised at $175,000.00, The mtg that was owed to Houusehold was $20,000.00 with fees and cost included, back taxes where 4500.00. Not a bad deal. But you have to have cash, and have it within 48 Hours of the sale. Are they still on the 1st Tuesday of the month? LORI
Even you need anymore info pm me
I forgot about the deed, after you the clerk of courts, the deed goes into the sherriff name Defazio's then it will go into your name. That took the longest, about 6 to 8 weeks. The toughest problem with that was I had a buyer within a week of getting the property, and had them approved for a mortgage but I couldn't close until my deed was recorded. I got the property 09/2001, the day after Labor Day that year, and I couldn't do anything until Nov 2001
But it was a learning experience. Hope this helps
Lori
Was rhere a reason for the long delay? Or is this just the normal time it takes to get recorded?
well because there may be other interests in the property that didn't show up. The dept who takes care of these things must notify the other parties and tell tell that they were notified and didn't show up so now they have no right to the property. This is easy language not the legal jargon that will be sent in the mail.
Lori
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