Cautionary Tale for Property Bidders at Sheriff's Sales
Every month, in every county of the commonwealth, a sheriff's sale typically takes place where third parties can bid on real estate in that county which is subject to tax or mortgage foreclosure proceedings.
September 11, 2017 at 04:56 PM
13 minute read
Every month, in every county of the commonwealth, a sheriff's sale typically takes place where third parties can bid on real estate in that county which is subject to tax or mortgage foreclosure proceedings.
These properties are sold in “as is, where is” condition and most bidders are generally not given the opportunity before the sheriff's sale occurs to inspect the property beforehand. In doing so, these bidders take an extreme leap of faith in the hopes that any money they save by purchasing the foreclosed property through these foreclosure proceedings will outweigh the cost of remediating any of the issues with it.
In a recent decision issued by the Superior Court of Pennsylvania in Commonwealth of Pennsylvania v. Investment Resource Holding, 2017 Pa. Super. LEXIS 583 (Aug. 1), a successful bidder of a foreclosed property in Lebanon County discovered the hard way the risks associated with maintaining a property before the deed so transferring the property is even issued.
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