[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.grossmcginley.com\/resources\/blog\/purchasing-a-property-at-sheriffs-sale\/#BlogPosting","mainEntityOfPage":"https:\/\/www.grossmcginley.com\/resources\/blog\/purchasing-a-property-at-sheriffs-sale\/","headline":"Purchasing a Property at Sheriff\u2019s Sale","name":"Purchasing a Property at Sheriff\u2019s Sale","description":"Interested in purchasing a property at a sheriff\u2019s sale?\u00a0 Don’t be fooled by the glitz and glamour […]","datePublished":"2017-01-12","dateModified":"2021-06-11","author":{"@type":"Person","@id":"https:\/\/www.grossmcginley.com\/resources\/author\/sarah-m-jolly\/#Person","name":"Sarah M. Murray","url":"https:\/\/www.grossmcginley.com\/resources\/author\/sarah-m-jolly\/","identifier":42,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/8f75af516330203b6f71a8baaec3b0f4?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/8f75af516330203b6f71a8baaec3b0f4?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Gross McGinley, LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.grossmcginley.com\/wp-content\/uploads\/2017\/10\/logopng-00436945-e1531508982151.png","url":"https:\/\/www.grossmcginley.com\/wp-content\/uploads\/2017\/10\/logopng-00436945-e1531508982151.png","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/www.grossmcginley.com\/wp-content\/uploads\/2017\/01\/sheriff-sale.jpg","url":"https:\/\/www.grossmcginley.com\/wp-content\/uploads\/2017\/01\/sheriff-sale.jpg","height":800,"width":800},"url":"https:\/\/www.grossmcginley.com\/resources\/blog\/purchasing-a-property-at-sheriffs-sale\/","about":["Blog"],"wordCount":422,"keywords":["Real Estate","Real Estate Law","Residential Real Estate","Residential Real Estate Transactions"],"articleBody":"Interested in purchasing a property at a sheriff\u2019s sale?\u00a0 Don’t be fooled by the glitz and glamour of all the popular house-flipping\u00a0TV shows.\u00a0It is important that you\u00a0do your homework and know what you are getting into before placing a bid.A sheriff\u2019s sale occurs when homeowner defaults on his or her mortgage and, after fulfilling all of the requirements for notice and such, the bank sells the property to recoup its investment.\u00a0However, just because a sheriff\u2019s sale satisfies the mortgage being foreclosed on does not mean that there are not other liens negatively affecting the property.\u00a0As the buyer, you would step into the shoes of the previous owner and be required to fulfill those obligations. Therefore, the first step prior to bidding at a sheriff\u2019s sale is to obtain a title search on the property.\u00a0A title search will tell you what else may be out there affecting the property.\u00a0For example, there may be liens for unpaid taxes, unpaid homeowner association dues, or even other mortgages on the property.Additionally, you will not have an opportunity to inspect the property prior to placing your bid.\u00a0Sales are made as-is so there might be some surprises when you first unlock the door.\u00a0People who lose their home as a result of foreclosure have no motivation to leave the property in tiptop shape.\u00a0As a result, repairs, sometimes significant, are often required to make the home in livable condition.\u00a0Potential costs of both time and money associated with these improvements should be considered before placing a bid.On top of all of this, you must have the cash available to bid at a sheriff\u2019s sale.\u00a0In Lehigh County, Pennsylvania,\u00a010% of the winning bid must be paid at the time of the sale, prior to leaving the courthouse. The initial deposit must be made via certified check and the remainder is due within 30 days.\u00a0 If the balance is not paid within that time frame, the deposit may become non-refundable and the property may be\u00a0re-listed for sale.While purchasing property at sheriff\u2019s sale can be financially rewarding, potential buyers must be aware of the risks and possible pitfalls that may come with a property.\u00a0By doing your homework ahead of time, you can ensure that you are making a wise investment rather than purchasing a money pit.Attorney Sarah M. Murray is a member of the firm’s Real Estate Group, advising individuals and companies on real estate investments and land development. "},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Resources","item":"https:\/\/www.grossmcginley.com\/resources\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Blog","item":"https:\/\/www.grossmcginley.com\/resources\/\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":3,"name":"Purchasing a Property at Sheriff\u2019s Sale","item":"https:\/\/www.grossmcginley.com\/resources\/blog\/purchasing-a-property-at-sheriffs-sale\/#breadcrumbitem"}]}]