When a homeowner is unable to pay his or her mortgage, or they become delinquent of various local taxes, the property is taken over and sold at a public auction known as a Sheriff's Sale. Buying a property through a Sheriff's Sale can be a great way to purchase an affordable home and make a sound investment. If you are deciding to purchase a home in Philadelphia, consider purchasing it through a Sheriff's Sale. Doing so comes with many benefits:
Mortgage Foreclosure Sales are the process by which mortgage companies and other financial institutions seek to collect debts owed to them, particularly in instances where a homeowner defaults on his/her mortgage payments. The sale is held in a secure location. All persons attending the sale must clear the security station. No weapons of any kind are permitted. No camera or recording devices are permitted. All cell phones must be turned off while in the building. PLEASE NOTE that the Sheriffno longer accepts cashat any mortgage foreclosure or tax sale.