Legal Question in Real Estate Law in Ohio

Sheriff sale home

I won a bid at auction on a duplex in ohio for 87,000. My sister has agreed to by the duplex. I have 10% down and once the bank releases the deed to the sheriffs office I have 30 days to finance. I am improving the property by 10-15k before my sister buys. Is it legal to sell the home for 110,000 to 115,000 without financing in my name and have her finance the amount? Are there regulations against that? I know people sell these properties for profit, but how? What is the legal name for what I'm doing, cause 'flipping' seems to be a bad word amoung financers. I am confident the property will appraise high enough after the improvements. The appraisal received by the sheriff was 84, but this was a drive by appraisal, before improvements, for the purposes of auction.


Asked on 6/20/07, 6:42 pm

1 Answer from Attorneys
J. Norman Stark J. Norman Stark , Attorney, Architect

Re: Sheriff sale home

Dear Reader, This is in response to your complex, multi-faceted question regarding your purchase at Sheriff's sale, etc.

Your Sister may purchase and finance the property in her name, instead of yours. The Sheriff's deed however, will be in your name. Importantly, however, until you actually receive the Sheriff's Deed, confirmed by a Judgment Entry by a Court of competent jurisdiction, BEWARE!!! CAUTION!!! You still do not have title recorded in your name and any improvements you make run the risk of loss, to the present owner or lender, etc., since you have no recorded titlein your name.

Seek the help of a competent attorney without delay, ASAP. There is no shame in business dealing, including what has been commonly called "flipping". But, seek help to protect your lawful rights and investment interests.

Good luck. Sincerely, J. Norman Stark.

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Answered on 6/21/07, 8:10 am


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