If not, where do they go? I know in Ohio you can't inspect the inside of a home that is to be auctioned at a sheriff's sale, but can you with other foreclosures?
2007-10-26 02:23:09 · 4 answers · asked by nickacarroll 2 in Business & Finance ➔ Renting & Real Estate
Yes you can. You don't have to always buy forclosure homes at a sheriff sale. If you know someone who's going into forclosure because he/she cannot pay their mortgage you can check out their home and give them a price. Example, AB home is worth 150,000 but only owes 100,000 on mortgage. They are 2 months payment behind, the banks gives them one month to make the payment. You can offer say, 5k and have them pay for their late payments. They sign the title over to you and lose the risk of forclosure. You on the other hand, made 50,000 dollars right there. I never buy homes from auction, i just think it's not worth it with the banks making money like that. I rather go private buy. In 2006, i bought 4 homes and refinance all 4 for XXX,XXX of dollars. I put them all four on minimum payments and rented it out to section 8.
2007-10-26 02:38:11 · answer #1 · answered by I_know_it_ALL 3 · 0⤊ 0⤋
No, they do not. I live in Florida and recently have looked at 2 foreclosed homes. One was owned by a bank and the other a local Real Estate company. A friend of mine is buying the one owned by the RE Co. in the same manner you'd buy a non-forclosed house (just using an 'as is' contract).
A lot of homes do go up on Sheriff's auction though, but I'm not sure what the criteria are as to which get sold by the 'bank' and which go up for auction.
2007-10-26 02:31:57 · answer #2 · answered by . 7 · 0⤊ 0⤋
The words are spelled out in the commonplace public sale observe. you are going to be able to wish one hundred% at purchase, or 10% at purchase and the stability interior X form of days, or some thing else. It relies upon on locality. Be VERY careful which you verify for liens on any sources you're making plans to bid on - they advance into your money owed (and generally could desire to be happy on the time of sale), so as that they upload to the cost of the residing house. (A sheriff's public sale is often for the valuables because it sits - broken pipes, inoperable heating device, liens, unpaid taxes, and so on. No assure, different than that the valuables you notice is the single you get.)
2016-09-27 22:29:17 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The bank owns the homes, and they have their own way of selling them, usually just through a realtor.
I don't know what the Sheriff has to do with foreclosed homes, unless it was a home confiscated because of drug activities or such.
2007-10-26 02:27:49 · answer #4 · answered by Nasubi 7 · 0⤊ 0⤋