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Sheriff Sales
Chapter: OTHER TAX SALE PROPERTY SALES
Sherrifs sales are a lot riskier and the potential exisits to lose a lot of money. Years ago I was following all of the sherrif sales and went to quite sherrif sales, it was usually the same crowd and we got to know each ither pretty good, I heard a lot of horror stories from some other bidders. The problem with those sales are uneducated bidders that a lot of times walk away from there deposits. ie.. a house an approx mortgage of 100k, you assume that mortgage plus all other expenses that Frank mentioned, you can not inspect the property and have to bid site unseen. Also, the added expense of having the tenant ejected etc.. When you hear about this sales, you might hear that the property was sold for 50 000, you hear that that is just the cost of purchasing the mortgage and all debt. It is like a car auction were an auctioner just starts rambling and people get caught up in the frenzsy. Bottom line, unless you have money to lose, I would not bid on Sherrifs sale.
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