| A Sheriff's Sale WED Posted in paper on MON, Is That Common? |
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bDnews
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| A Sheriff's Sale WED Posted in paper on MON, Is That Common? |
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It seems as though the state isn't giving interested buyer's enough time to do the necessary research to make the type of commitment needed for a purchase.
They say in the paper you need 20% at the closing of the auction, which for the properties in the areas range anywhere from $20,000 - $50,000.
They also say you have to do your own lien research on the property.
The areas that I saw are expensive areas, so in my mind if I had the funds ready and were seriously interested, I could by the properties at a severely reduced rate and sell the off for a nice profit.
If the state is REALLY trying to get money for the properties, why are they giving so little time?
Or am I missing something?
If only it were that easy...
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Tue Dec 13, 2005 1:16 pm |
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Andrew
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Some states don't require the sale to be posted in the newspaper at all, and some require as much as 90 days print notice, but the average seems to be around 30 days.
Not sure what state you are in, but this site has foreclosure laws for all the states, just pick yours...
http://www.realtytrac.com/foreclosure_laws.asp?strState=Texas
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Wed Dec 14, 2005 12:40 am |
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bDnews
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So if I found a property worth $350,000 and the amount owed on it was $100,000, I could pay the 20% after the auction was over and sell the home (in agreement) before having to pay the balance of $80,000?
If only it were that easy...
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Wed Dec 14, 2005 4:46 pm |
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