Sheriff Sale Lingo - Posted by Bert G

Posted by Glenn-OH on May 19, 2000 at 22:25:34:

I got my current house at sale 1 year ago. I would suggest talking to the person in the sheriff’s office who handles the properties. They should help some on procedures. Also, contact an attorney to help. Finally, I would recommend a title search and owners title insurance to protect you further.

Sheriff Sale Lingo - Posted by Bert G

Posted by Bert G on May 19, 2000 at 21:22:01:

In perusing the two foreclosure sale notices in this week’s paper, one has something in it I’m not quite sure about:

“Gate City Bank, plaintif, VS John Doe, First National Bank, the Small Business Administration, and any person in posession, defendants”.

I figure John Doe is the guy who defaulted. Am I correct in assuming that First National and SBA would be subordinate leins that would be wiped out in this transaction??

Next question: Is there a comprehensive place on the net that tells everything you need to know about bidding at sheriff sales? I’ve never really considered it because they want all cash up front, but these properties looked pretty decent, and worth at least the amount of the outstanding debt.

Those of you who’ve done these things, is there any way to find out about the propertiy, etc? The notice does list the plaintif’s attourney.


Re: I’d exercise caution! - Posted by Jim V

Posted by Jim V on May 19, 2000 at 23:30:57:

Buying at sale can be very lucrative or it can wipe you out. It’s cash intensive, but whatever you buy, you own. If there are title problems or structural problems, they become your problems.
At the minimum:
You need to know how much the property is worth retail.
You need to have a full title search.
You need to inspect the property, knowing someone might be living in it.
If you are living in a state with redemption rights after foreclosure, you might also be holding the property for a while.
Good Luck,

Jim V