Buyin home at sheriff sale. Need advise

14 years ago

We really like a house in a very good subdivision. The realtor who is showing us the houses had this house listed for $465K and was writing an offer of $440K when the house went into foreclosure(she was not informed by the owners). Its a 5 year old house, 3600 sq ft with a finished basement. Sice it was listed for sale there is nothing wrong with the condition.

The house is at sheriff sale in two weeks. The county law says 10% down cash and then 30 days for the rest. The bidding will start at 2/3rd of the appraised value(appraised at 420K according to sheriff's docs).

My question is

(1) If I go to the auction with 40,000 cash, is there a good chance I will be able to buy?

(2)Is 30 days enough time to arrange rest of the financing through mortgage loan?

(3) My credit is excellent with yearly income of 160K (w2)and I can preapproved before the auction date.

(4) I think I will need an attorney to help me wiht the sale.

(5) I am thinking of getting 80-10-10mfinancing to avoid pmi.

Any input will be appreciated.

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