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What are the Benefits and Important Tips on Buying a Property through a Sheriff Sale Foreclosure?

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By : Melanie Hogeveen    99 or more times read
In today’s tough financial times buying a property through county sheriff sales is a great way to save money as well as make a sound investment. So if you are a home buyer on the lookout of a good property at a bargain deal you can opt for a foreclosed home through sheriff sales for a safe and satisfactory purchase.

When a homeowner is unable to pay his mortgage amount the property is taken over by the lender and sold at a public auction as a foreclosed property. In some states in US the local county sheriff is in charge of managing such an auction which is therefore popularly known as sheriff sales.

Benefits of sheriff sales foreclosures

Buying a foreclosed property through county sheriff sales has some great benefits:

  • Great bargain – One of the best benefits of buying a property through sheriff sales foreclosure is the reduced bidding prices which sometimes go as low as nearly half of its actual value.

  • Power to decide your own price – The unique feature of bidding through sheriff sales foreclosures is the fact that you can assess the property and decide your own price based on your budget and the property value.

  • Direct purchasing – By bidding at an auction for a property of your choice you do not have to deal with any middlemen and spend money on agents.

  • Low risks – The properties sold through county sheriff, sales foreclosures are cleared of all back taxes which make them a very safe and secure purchase.

Important tips

You can look up information on foreclosed properties being put up on auction by visiting various online real estate websites as well as the county office.

Most auctions are advertised well before time which can give you enough time to do a thorough
back ground check of the neighborhood and the local infrastructure.

Before taking part in a public auction always check the property in order to evaluate its real value and estimate a suitable bidding price.

Searching the internet specifically for states that carry out foreclosure auctions, for example Ohio under the jurisdiction of the local sheriff is a good way to find information on the latest sheriff auctions.

Always keep yourself updated on the auction process in order to know about any last minute venue and date changes of the sheriff sales foreclosure.

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