Buying at a sheriff sale, getting inside to perform a full appraisal is not always possible. My last one had to be done for all cash due to our inability to have a full (interior) appraisal. Mortgage brokers seem to not want to lend an anything less than full appraisal. Any one have this problem or a solution?
Line of credit, or local hard money lenders
hard money lenders or even the normal mortgage route, bought a house at a sheriff sale for 10% down at sale. Since the deed is not in my name yet, and the foreclosed party is still in the house I can not get in for a full appraisal. Due to this I will have to go all cash at pay-
off. Apparantly lenders will not accept a “drive-by” with comp. value.
I guess this will always be a problem with this kind of purchase, only all cash will do, can be limiting. Thank you for asking. Patricia
Sheriff sales are for the big boys with cash. Much riskier because you cannot get in to see it.
If you need financing, stick with HUD or REOs. The price is often lower than sherrif sale and much of the risk removed just by having inspection contingency clause in contract.
Jan
I agree with you! 