hello-has anyone done one or more sheriff sales for purchasing a home? In my state, OH, you have 30 days to get a mortgage which my lender is saying will not be an issue and bidding starts at 2/3 appraised value of home which means there are some great bargains to be had. I have a "mentor/friend" assisting me who has done 4 of these and made money off all of them. We did a title search and there are no additional liens. I have talked to one neighbor about the house and the constrcution quality, but don't want to talk to too many more neighbors for fear the word will get out on the sale..it's a very desirable area and I want as little competition as possible.
My friend has never had anyone bid against her..not the bank or another buyer, but I expect it for this one since it's a super desirable neighborhood.
I have knocked on the owner's door many times and she doesn't' answer. She declared bankrupcy three years ago so I am sure she has had people trying to track her down for years. I wrote her a sympathetic letter and offered her $100 gift card if she would let me in to see the layout and check out foundation, etc. Doesn't look like that will work as she hasn't responded.
I am convinced it's a great buy for up to 40k over the ask price and am planning on the inside being neglected and am planning on buying it without seeing it, if I have to. I bought a horrible REO two years ago so I am not scared off by cosmetic stuff. I have pulled comps and it all checks out.
My question is this..what else should I be researching to avoid surprises and does anyone have any other strategies for buttering her up to get in the house prior to bidding on it?