Many residents of Spring Garden Township in York County, Pennsylvania took time to attend a sheriff's sale. However, they were not there to make a bid for foreclosure property for sale but to listen to York County Sheriff Richard P. Keuerleber as he gave out details about local properties on the market for sale.
Many homeowners who attended the sale of about 175 properties said that they want to know about the available options for them. According to industry experts, properties sold at the sheriff's sale started as filings of foreclosure filed at the York County Prothonotary's Office.
For the first eight months of this year, the average monthly foreclosure filings totaled 177. Experts said the number of filings for foreclosure property for sale average 142 for a total of 1,702 last year. They said that with the current trend, there is little chance that foreclosure listings will decline even if it takes almost a year before distressed properties would be placed on the sheriff's sale.
Meanwhile, foreclosure experts warned potential bidders to arm themselves with knowledge about sheriff's sales to avoid the risk of financial ruin. They said that a sheriff's sale is for buyers who have patience and perseverance, adding that it is imperative that bidders should know what they are doing.
The sheriff's sales are held every 45 days. The process involves making county properties that were either foreclosed or with financial problems available for the public to buy. Industry experts said that potential bidders should be knowledgeable about the process to succeed in sheriff's sales.
Before attending a foreclosure sale, potential buyers should make sure that they are not bidding on properties that are burdened with liens, such as back taxes and first mortgage debt for houses with second mortgage. They advised buyers to do some title search on properties, especially with those that have second mortgage.
Also, buyers should make sure that the properties they are interested in are vacant to eliminate the trouble of going through an eviction proceedings. If there are tenants on the property, prospective bidders should abide by existing lease terms.
Experts also pointed out that buyers should keep in mind that a foreclosure property for sale is not always in good condition. Getting a home inspection is important if they want to protect their investment.
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