Summer is upon us and before the temperatures climb even higher, it might be time to check out the Philadelphia foreclosure auction if you’re looking to buy a house or other property.
The Philadelphia Sheriff’s Office holds regular auctions to sell different homes to the public and if you are prepared you might just find yourself a great deal.
Here’s some info about the Philadelphia foreclosure auction so you can decide if it’s right for you.
The Sheriff’s Office holds two different kinds of auctions to sell property.
The first is called a tax sale, which is where the City of Philadelphia is attempting to sell a property in order to collect on unpaid taxes. The owner has failed to pay their property taxes, sewer or water bills or school taxes and now the property has been marked to be sold.
The second is called a judicial mortgage foreclosure sale. This is where a mortgage company or other lender is trying to collect on outstanding debt that is owed to them. The homeowner has defaulted on their loan payments and gone through the foreclosure legal process.
The bidding can’t start lower than $600 and must go up in $100 increments. When someone wins the Philadelphia foreclosure auction for a certain property they must pay a 10% or $600, whichever is more. Then the remainder of the balance is due within thirty days of the sale.
If you don’t win, it’s not over yet. The second highest bidder’s information will be recorded and if the original winning bidder can’t purchase the property the second highest will have a chance to do so.
If this sounds like something interesting to you and you’d like to learn more, the Sheriff’s Office holds regular monthly seminars on the auction process.
If you are unable to attend a live seminar, you can watch a video of one here.
To find out when and where the Philadelphia foreclosure auction sales and seminars are, check out this handy calendar on the Sheriff’s site.
The next mortgage foreclosure sale is coming up on June 5th, 2018 so don’t delay!
If you’re interested in buying a property at the Philadelphia foreclosure auction or have any other questions about real estate here, give us a call!
At D&D Property Solutions our friendly and knowledgeable staff can help guide you through any questions you may have about real estate. We’re seasoned real estate professionals and are here to help no matter what real estate situation you are in.
Call us today at (267) 888-8987 or contact us here now!