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Here's How To Buy a $640K Foreclosed Queen Village Home

On May 5th, 736 delinquent properties were scheduled to be sold off at auction. Although the number certainly seemed a daunting one to be reached in a single day (as some readers pointed out), others lauded the city "for making the effort," while suggesting that "if the goal is to get that many properties out each month, however, multiple auction days will be required."

In its ongoing effort to fill vacant homes and prevent neighborhood blight, the City is now offering 736 properties to be auctioned off on June 2nd, including this Queen Village home sold ten years ago for $640,000, and also a Fitler's Walk parcel, assessed at $467,600, with a starting bid of $22,400.

Feeling lucky? Visit the Sheriff's sale Web App, and hit up the auction on June 2nd.

Not sure how a sheriff's sale works? The City offers monthly seminars on how to buy property at a sheriff sale, but since they fill up quickly (Spanish-only and English-only seminars are offered), they've also made a video to watch in the comfort of your own home.

Skip to 08:00 to get to information you need at the actual auction (the first few minutes consist of an explanation of exactly how a piece of property arrives at the sheriff's auction). "The lowest bid you can put down at a sheriff's sale," the officer explains, "is $1,100" (unless the advertised opening bid is higher). Then, the bidding amount increases in increments of $100 until the bid reaches $20,000, at which point the bidding increments increase to $500, a process that aims to weed out individuals interested only "frustrating the sale." Watch the video to learn more:

· More Than 700 Properties Are Up For Auction On May 5 [Curbed Philly]
· Sheriff's sale web app [Official Website]