Basic Bidding Information for Mortgage Foreclosure Properties
You will be bidding against the bank.
The bank has a predetermined amount that they will bid to. This is called the "upset price". Only the bank, on day of sale, knows what this amount will be. It may be more or less than the judgment amount.
If you are the successful bidder, 10% of the judgment is due at time of sale (cash or certified funds only). The balance (of your bid) is due within 10 calendar days. If the balance is not paid within those 10 days, you lose your down payment. The deed will be recorded in 60 days.
**Certified checks should be made payable to yourself. If you are the successful bidder, you will be asked to sign your check over to Eric J. Weaknecht, Sheriff.**
You will not have the deed in time to use that property for a mortgage. (Therefore, you cannot be pre-approved for a mortgage). The properties are not guaranteed in any way and debts against that property may become yours. It is strongly recommended that a title search be conducted on any property prior to bid.
The properties are owned by the debtors until they are sold on day of sale. Properties are not open for public viewing.
Link for the current Realty Transfer Tax Form Statement of Value. If the most recent form is not used, your deeding instructions will be rejected by the Berks County Recorder of Deeds:
PDF - Statement of Value Form