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Should I buy a property at the County Sheriff sale or wait until it becomes an REO?
A question I'm often asked is whether or not a buyer interested in a property that is being foreclosed on should buy it at a Sheriff's sale or wait until it becomes an REO (Real Estate Owned by a bank or lender.)? There are some definite caveats to purchasing a property at a Sheriff's sale which I discussed in an earlier post that buyers need to be aware of, but we can explore the question further.
The main motivation for a buyer asking the above question really revolves around whether or not they can get a better deal on a property if they buy it at the county sale vs. waiting until it is foreclosed on and eventually comes out onto the market and is listed by a MLS participating broker. While this of course depends on the debt on the property, in most cases these days the answer seems to be that it is far more advantageous to purchase a property after it comes out onto the MLS. Why is this? The answer is that most properties at the Sheriff sale are bought by the mortgagor (lender) for the debt owed on the property, which because of declining values in the ... more

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