Philly Sheriff Sale On 8/5
I found info on the 'Net about the Philly Sheriff Sale scheduled for tomorrow (8/5). After reading the terms for purchase, I thought I read that all properties involved in the sale were 2nd mortgages and the successful bidder would be responsible for the second and the first mortgage.
Can anyone clear this up for me. Is this a typical scenario? Is it likely that obtaining the 2nd would automatically make you responsible for the first?
Or am I misunderstanding the whole thing? Thanks in advance for your help.
Hi, I was just browsing thru the forums. I can't believe that no one replied to this question sooner. But I do believe that you each property is different. A property with only a first mortgage can be foreclosed upon. if you are refering to the information at Phillysheriff<dot>com, I was told that the properties are delivered free and clear. You can contact the Sheriiff's office to verify this.
But do not think you are going to just walk into the auction (sherriff sale) and buy a bunch of houses for $500. Go down to the auction and get a feel for the environment. When you feel confident that you know what you're doing, make a bid (only after researching the property).
E. Dickens
**Please See My Profile**