Posted by Randy_OH on April 11, 2002 at 13:36:04:
I have had mixed results at sheriff sales. I think it is pretty much a numbers game like everything else in CREI. Most of the time the lender pays way more than you would pay. But occasionally you can get one. So my approach is to not spend a lot of time on it. I track them through the paper, get some basic info from the county’s website and look at the property from the outside. If it is vacant, I go up and look in the windows. I have pretty much given up on properties that are occupied. Keeping track of the sheriff sales also helps you when the property comes back on the market as a repo. I have bought HUD repos as much as 30% below what people were willing to pay at the sheriff sale. Of course, a lot of this depends on your market. Things may be different where you are. I do think you are about right using a 30% discount number.