cancel
Showing results for 
Search instead for 
Did you mean: 
WI AgLender
Contributor

Re: Buying Land (Sheriff's Deed) from Bank

Dont get into it so blind.  Take a trip down to the county courthouse.   All liens (most) should be recorded there, and are public knowledge (for a small fee).  Especially for a sherriff's sale property, as they all want to get in line for the proceeds. 

 

The downfall is that the recorded documents may be years old.  A mortgage recorded ten years ago for 200,000$ may only owe 150,000 now.  Its hard to tell, but the bank may tell you what they are owed.

 

in the case of sherriff's sales, most properties get sold prior to the sale date.  a much better option would be to go to the owner and make him an offer so he can take the proceeds and payoff his lenders.  ITs still his property until the actual sale, but normally he is not pleasant to deal with!

0 Kudos
Red Steele
Veteran Advisor

Re: Buying Land (Sheriff's Deed) from Bank

Not sure where you are at, but in Minnesota, the waiting for a year still would not produce a clean title for the farmland, since the right of first refusal would still exist at any time the repossessing bank resold the property. At least that is how I think it would work, based on what when on in the 1980's.

The best strategy is to figure out what the dead beat former owner wants to cut his ties. maybe just a few kind words.

0 Kudos