OfflineI'm going to attend a Philadelphia Sheriff Sale on 5/24/16-5/26/2016 and I noticed from the April auction that some of the bid winners are selling the properties days after winning the bid. Can someone explain how they can sell the deed before the 30 day requirement to pay the balance off in full.
Philadelphia has a 30 day balance payoff and 10% down or $500 deposit whichever is greater at the auction. They also allow you to extend the 30 day payoff for 2 30 day delay request. But how can investors sell the properties before getting the deed which the city mails to you in 6-8 weeks.
Can someone answer that question for me. Thanks.
Blaine P.
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I have never done those maybe they are selling the right to buy it. if no one answers that here I would talk to one of the buyers there
what are you trying to do exactly? buy them and rent them out? flip or wholesale?
I wholesale myself
Tony
Go faster do more! GFDM!
I have never done those maybe they are selling the right to buy it. if no one answers that here I would talk to one of the buyers there
what are you trying to do exactly? buy them and rent them out? flip or wholesale?
I wholesale myself
Tony
Go faster do more! GFDM!
Maybe they bought the properties for cash and didn't have a balance to pay off and they do a 60 day escrow with the end buyer contingent upon the city delivering the deed? It also depends on the right of redemption.
http://www.officeofphiladelphiasheriff.com/en/real-estate-general/15-eve...
City workers are not known for being helpful but one today told me what they were doing. The Sheriff's dept has a form that allows you to assign the bid to someone else so you don't have to pay the balance if you can get someone to buy it from you, sign and notarize the form. This insider tip was a big help to me and I hope others see this too.
there you go, perhaps you can do that.
Tony
Go faster do more! GFDM!
I'm learning through trial and error that the biggest hurdle to overcome is finding the buyers within 30 days. This hasn't been easy, especially when most of the people you come across are mainly new wholesalers looking to tie up your properties with NO deposit.
I'm close to closing on a house I bought through the sheriff sale on 8/4/2016 but I only have a few days to close this deal or I lose my deposit which is what happened back in May. The Sheriff's office declined my extension request and kept my deposit. I think the best way to find the real buyers is to ride around the neighborhoods and look for those "We buy houses" bandit ads because most investors I run into from craigslist are too scared to invest in the areas I'm buying in. But the bandit sign guys can't say that because they have their signs in poor neighborhoods.