Is it smart to purchase a home that is in bankruptcy for sale through sheriffs sale Are there problems involved when purchased as such?
Finally, some people feel a great value can be found buying these properties from the bank that ended up with it at the auction sale. Certainly, many of the issues with buying at auction don’t exist, and a bank can arrange viewings, repairs, financing, make assurances, etc. However, large financial institutions are experts and really know what the value is of what they own. They also have the ability to support owning it, generally fairly easily. (I mean if you already own 200 properties, how much extra trouble and cost is it to have the lawn cut on #201). So while you may find a better deal in some ways…the fact it was a distressed property and your buying from a REO (real estate owned) portfolio, doesn’t mean you get a great deal. But normally, thats OK.
