Hello,
I’m new to this community, but i’m glad i found this gem ! I’m a new investor at foreclosure area, i have a potential property to bid from a sheriff sale, due to tax delinquent, the property is investor owned, renter occupied. last year i saw the record shows there is an open case of eviction.
i’m wondering if the property looks too much legal risk involved that I should walk away.
Thanks
Hello Evian,
That is a lot to bite off on your first deal. If you do successfully buy the property at the Sherriff sale, you very likely will step into that eviction if the case is still open. As a “bonafide purchaser for value” you may have more luck getting the eviction done than the current owner, but I wouldn’t count on it.
My recommendation would be to “paper trade” this deal. Figure out your maximum bid, see what another investor pays, and then watch how long it takes them to complete the eviction, rehab the property and resell. By watching you should learn a lot about the process and hopefully be ready for the next one.
Best,
Sean
Hello Sean, thanks for your valuable suggestion. this is very helpful !