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PostPosted: Tue Mar 01, 2011 4:19 pm 
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Joined: Tue Dec 28, 2010 7:20 pm
Posts: 7
Hello All,


I'm interested in attending a few Sheriff Sale Auctions in my area (North NJ) Before I get my feet wet and jump right in and bid I'm going to sit in on a few. My area has Sheriff Sales every Friday near the courthouse. On the county website it states when placing bids you need a check of 20% of the purchase price, and bids start at $100. Under the sold auctions I see many listings sold at $100, (how is this possible?)

Also, the listings have the addresses of the homes but I assume at these auctions you cant check out the inside before winning the bids, is there a way to see what condition the house is in, or is at AS-IS?

Also someone said I should do a title search on the properties to see if their are any hidden liens on the houses, the courthouse charges about $40/ea. Is there a place to do this cheaper?

Thanks, and I'm looking forward to your responses.

Bernie :mrgreen:


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PostPosted: Tue Mar 01, 2011 6:20 pm 
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Joined: Sun Sep 16, 2007 5:52 am
Posts: 142
Location: South Central Missouri
Maybe some of the the NJ folks will respond and have more guidance. I just wanted to toss out that if you can get a title search for $40.00. That is cheap for my state of Missouri. But whatever it costs.....it is worth it.

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Dixon, MO
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PostPosted: Wed Mar 02, 2011 8:14 pm 
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Bernie:

The sold listings at the auction are most likely the lenders bidding the property back in to create a large deficiency judgment against the borrower.

Talk to the lenders rep while you are there to see what type of discounts they are accepting at auction.

Don't expect to get anything more than junk lots for $100 each.

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The Most Comprehensive & Complete Guide to selling real estate at auction


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PostPosted: Mon Apr 04, 2011 11:52 am 
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Joined: Tue Dec 28, 2010 7:20 pm
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I just wanted to get some more feedback on people who are more knowledgeable about these kinds of auctions. I will be checking out my first on Friday (if work permits) and see how they work.

The wife & I are currently in the market of purchasing our first home, and I think this is a good way about getting a home for slightly cheaper.

I have a few properties that I'm going to check out later today to see the location of these properties. On the website I use it mentions a judgment on each property. Can someone please elaborate on how this works. Is the judgment what the property owner still owes on the mortgage?

3 properties have a judgment of $332,888.13, $776,548.47, $246,341.68


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