I was looking at a house thats going up for a sheriff sale here real soon. It’s not too bad for a starter house with a 2 car garage.
So all I know so far is that at the day of the auction you have to put 10% down and pay the rest of the house off in 4 days. I don’t believe you can see inside the house before the auction BUT my aunt that just died like 5 years ago owned the house all her life so I know exactley what the inside is like, I just hope the people that lived there didn’t trash the place. The appraised value when I looked it up online is only 40K mainly because of the town that it’s in but it’s a decent looking place.
So what I’m wondering is how much do these houses usually sell for at these auctions? Say this house appraised at 40K what will the winning bid be, like half of the appraised value? More or less?
Any info you guys have on this is much appreciated!!!
watch out for back taxes and liens against the house when purchasing in this fashion. Auctions all depend on the bidders… there is never really a rule of thumb to what the final price will be
I read into these about a year ago when I first became interested in real esate.
From my understanding, banks/etc that are owed tend to buy these back, to resell them to make some of their money back, and I’d hate to bid against a bank.
the bidders there that day will set the price. Consindering that Everson is not very far from one of Fayette counties largest employers, I would think it may go higher than you think.
As for the sale it’s self, the previous owner has up to 7 years to take the house back, with them paying you any upgrades you did. If you are a do-it-yourselfer, labor is not included in the buy back price. Only the money that you spent out of pocket.
negative ghost rider. the usual rule of thumb at the sals is that once the hammer falls the sale is final. you buy the property, its yours. the previous owner has really no chance to get the property back from a buyer in 7 days let alone up to 7 years.
from what I understand about a Sheriffs sale is that if the loan was defaulted on, they have up to 1 hour before the sale to stop it, otherwise they are SOL
One of my friends told me that his pap bought a house through one of these for like 40K in C’ville and put 20K into it and now its sopossed to be worth like 120K he said.
I will probally end up going just to see how high this house goes for and possibily taking $1,500 to bid on. I doubt I could get it for 15K but it could be worth a chance and a learning experience to how these auctions work.
You can get these houses cheap…but you gotta get the RIGHT house. And keep in mind the housing market is soft right now, if you are intending to just flip it and make money off of it, it might take a while to sell…
Speaking as someone that has bought a house that was sold thru a sheriff’s sale. I know this to be true. I ended up spending over $5000 to get a clear dead when I went to sale. And mine was sold as a free and clear sale. But hell, I don’t know anything, listen to everyone else…
