I am intersted in sheriff sales and trying to really study and learn as much as i can before acting. I am intersted in both buying at the sale as well as watching what goes to the bank and then buying from the bank. I actually lean toward buying from the bank so it gives me more time to line up financing, inspect the property, get the original lender to finance and maybe even get a short sale out of it. I went to two sheriff sales and I think quite a few properties went to the bank simply because there are not many investors bidding. I would appreciate ANY insight, suggestions or comments!
These days you will probably do better buying from the bank. The caveat is that it can take some time for a property to work its way through the REO system and get listed for sale.
Once it does get listed you need to evaluate it and start making offers at its true value not what the bank is hoping to get. Keep at it and track it regularly. You will see that every 30 - 60 days the price will be reduced. Just keep making offers. If you are persistent you can get some really good deals.