Anyone flipping houses in the state of Delaware? I am looking to do so and considering sheriff sales on condos and SFR in the shore area. Any thoughts or advice?
I am also in Delaware and I am also trying to get into the business. I hope to be able to start this fall. Let me know how things go with your sheriff sale.
Yes, get your financing together before you expect to bid on properties. They want all the money within 10 days of the sale and you may barely have enough time to get the appraiser access to the property in time for closing. You will also have to give a certified check for 10% at the time of the sale, but you can get it back at the time of the closing if you finance 100% of the purchase price. My investors have more success by making a bid to the bank prior to the sale. The first lienholder will generally win the house at auction themselves to protect their interest, and then make arrangements to close with you. Good Luck! Sandra
Well I decided to move on the property prior to the sheriffs sale and had a realtor friend contact the owner a week prior. She was willing to sell, but, somebody else beat me to it. Lesson learned, you snooze, you loose!!!
Oh well, I hope you have better luck next time! Get your financing in line and meet with your attorney before you find your next property so that you’ll be ready to pounce! Good luck! Sandra
Still going at it in DE? I’m just north on 95 at the PA/DE border. Drop me a line and we can chat.