Sheriff Sales....

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Posted by DeiDei (PA) on December 23, 1999 at 08:56:02:

Good morning eeveryone,
I have a few questions regarding sheriff sales. Some of these questions may seem quite imbecilic to some of you, however, I'm not an imbecile....just a newbie trying to learn the ropes.
1. Is a sheriff sale the same as a mortgage sale (as in a bank getting rid of REO's) ?
2. Some homes are listed with "subject to mortgage",what does that mean ?
3. What would be a fair bid for a property listed at the sheriff sale for $77,000.00 and another for $9,500.00 ?
4. Is it really possible to secure financing within that 30 day period ?
5. Some properties mention something about the owner being deceased and the heirs are unknown...what does that mean for a prospective buyer ?
I already know that 10% of the highest bid must be deposited and the balance must be paid within 30 days.

Thanks for all of your help,
May God Bless You....Happy Holidays
From DeiDei

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