All About MZS1

Michael Smialkowski

Topics I've Participated In

Assigment of a Sheriffs Deed MZS107 years 13 weeks ago

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My Downside on a Sheriffs Deed

I am purchasing a property from an investor who aquired it on a sheriffs sale in Pa. I have arranged funding so the deal translates into an all cash transaction to the investor. My funds are from The Bank of Dad :)> The Seller will consider my offer (approx 55% of FMV) if I agree to take an assigment of the Sheriffs Deed. My concern was secondary liens that may still exist. I was always under the impression that unless the 1st position(Bank) bids the property and aquires it back, Any secondary winning bidders are subject to existing secondary liens Seller cites that any and all lien holders are notified of the pending sale and it is their responsability to protect their interests and once the property is sold at the Sheriffs Sale they lose their right to enforce secondary positions from the previous owners to the New Owner. My Question is What is my Downside risk on agreeing to the assigment of a Sheriffs Deed?