There is a property that I have been following for a few months. I just showed up in the latest Sheriffs Sale report as going to auction in about a month. This would be my first time pursuing a property at auction and am just wondering what the basic process is.

One of the main questions I have is on the listing it says the "Judgement Amount" What exactly is this number? Is this where the bidding will start or is this how much is owed on the loan from the lender?

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Most of them have a "bid in" that is the amount that the bidding will start at as determined by the lender. That is usually a variety of either the amount owed plus costs of attorney's etc. or a percentage of the BPO, whichever is higher, depending on the lender.

Every company has different rules and regulations regarding this process and all of them will do it a little bit differently as will each state, sometime even each county will have different rules for the process.

Judgement amount should be the amount that is defaulting. Be careful with these types of sales, in most states there are things that can bite you and in every state there are certain types of liens that will come back to haunt you as well (mostly federal tax liens). You must be relatively educated on the process to proceed in this part of the business. Also remember that most states have the 4 or 5 o'clock rule meaning they have to have the funds by 4 or 5 the following day at latest, some of them require the same day.

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Steven Brown
Cash 4 Houses, LLC
HomeVestors
Mobile, Al
251-366-HOME
steve.brown@homevestors.com

i saw some of these down here and they looked like good deals IF you can front the CASH same day

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