I found some properties on the sheriff’s website that were in foreclosure. I would like to buy them for the price that were sold at the auction. The property is worth about $100k and it sold at the auction for under $10k. Let’s say that I found the owner and the owner agrees to sell me the property for a total of $20k. This way we can redeem the property from the sheriff and the owner gets $10k in his pocket. Is that legal? Or how can I make this happen in a legal way? Do you guys have any recommendations or have you ran across such thing before? Any advice will be helpful.
Foreclosure, non-judicial or judicial normally does not carry a redemption period.
And if it does then your scenario: Ain’t gonna’ happen. If the original owner redeems ALL the liens, encumberances, mortgages, etc., REATTACH…then if you buy it from him/her…you get it subject to all the liens, encumberancec, mortgages, etc.
Sounds to me like you are mistaking a sherriff tax sale for a foreclosure sale…check this out and be certain of what you are trying to accomplish.
If a tax sale, then the tax sale buyer waits out the redemption period…clears title…which is NOT easy…and get the property.
In real estate there really is “No such thing as the free lunch.”
To think that the Sherrif has listed it too. :biggrin