Buyin home at sheriff sale. Need advise
We really like a house in a very good subdivision. The realtor who is showing us the houses had this house listed for $465K and was writing an offer of $440K when the house went into foreclosure(she was not informed by the owners). Its a 5 year old house, 3600 sq ft with a finished basement. Sice it was listed for sale there is nothing wrong with the condition.
The house is at sheriff sale in two weeks. The county law says 10% down cash and then 30 days for the rest. The bidding will start at 2/3rd of the appraised value(appraised at 420K according to sheriff's docs).
My question is
(1) If I go to the auction with 40,000 cash, is there a good chance I will be able to buy?
(2)Is 30 days enough time to arrange rest of the financing through mortgage loan?
(3) My credit is excellent with yearly income of 160K (w2)and I can preapproved before the auction date.
(4) I think I will need an attorney to help me wiht the sale.
(5) I am thinking of getting 80-10-10mfinancing to avoid pmi.
Any input will be appreciated.