Posted by Nate Tyler on March 13, 2002 at 21:27:49:
Joe
I called the Sheriff’s office and they read the complaint, it read heirs K J and heirs 1 through 5 unknown. They also said they have no address and they sent the complaint to the house that is being sold. So the only known heir is KJ but no luck yet. I
Sheriff Sale Tomorrow, Heir can not be found!!! - Posted by Nate Tyler
Posted by Nate Tyler on March 13, 2002 at 19:17:37:
Property goes up for sale tomorrow morning at 10am…we can’t find the heir anywhere in the state. We could hire a PI, but we won’t get that done in time to make the Sheriff’s Sale.
Is there any reason why we couldn’t just let the property sell at the sale to whoever…then try to locate the heir after the fact and offer to buy his redemption rights. After buying the rdemption rights could we not then redeem the property on pur own???
Deal looks like this
1st and only plus fee’s etc… $16K
Repair costs $15K
ARMV $105K-$110K
Re: Sheriff Sale Tomorrow - Posted by Bill
Posted by Bill on March 13, 2002 at 20:12:33:
Why not just buy it at the sherrif’s sale yourself?
Re: Sheriff Sale Tomorrow - Posted by Nate Tyler
Posted by Nate Tyler on March 13, 2002 at 20:31:27:
Are you familiar with sheriff sales? The opening bid is usally the the holder of the note, in this case US Bank. When thier interest is secure the others bidders keep bidding until someone gets the property.
The negitive side is that there is a 180 day redemption period where the Heir, in this case could redeem the propperty for the amount the bank bougth it back for.
Now if I know the competition and I do there will be plenty of bidders there. My thought is to out smart them…
Re: Sheriff Sale Tomorrow - Posted by JD
Posted by JD on March 13, 2002 at 22:25:39:
My State has a redemption period also. Hence only suckers or rich people bid at sales, Except in unusual situations where the owner is dead and there are no junior lien holders. If you are the only one that knows he is dead and that there are no heirs, then this might be a good time be the guy that bids.
Re: Sheriff Sale Tomorrow - Posted by JoeKaiser
Posted by JoeKaiser on March 13, 2002 at 21:04:12:
Nobody in my area bids at Sheriff’s Sales. It’s almost a non-event. With redemption rights, the true “drop dead” date is eight months to a year in the future. Most owners have figured this out as well and don’t get real worked up about the sheriff’s sale.
Go find the heirs. They’re probably listed right there, along with their address, in the complaint.
Joe
Re: Sheriff Sale Tomorrow - Posted by JoeKaiser
Posted by JoeKaiser on March 13, 2002 at 21:36:08:
Physically go to the courthouse and go through the file yourself. You’ll be surprised what you can learn.
Joe