Posted by IB (NJ) on November 24, 2006 at 12:42:09:
There used to be an investor on here, Ron Starr, who constantly advised against new Investors buying at sheriff sales for this very same reason.
Even without the $34k, this deal was pretty tight (78% LTV vs. the now 90%). Most of the experienced buyers I see at the sheriff sales don’t go into the deal for more than 70% LTV.
Good luck and please keep us posted.