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Sheriff SaleThe sheriff's sale is a public auction held at the courthouse door, and anyone can bid on the property. The property is sold to the highest bidder and the proceeds are used to pay for the costs of the sale and to pay off the mortgage. A deed given at the sheriff's sale in the foreclosure of a mortgage called Sheriff's Deed. The properties, which are legally certified to be sold at the Judicial Mortgage Foreclosure Sheriff Sale, are advertised each month in community newspapers for three successive weeks prior to the sale. Each property has an identification number (writ number) which is listed in the newspaper before the property address. This number is used together with the property address when a property is offered for sale. The sale is conducted by an auctioneer who calls out each property by writ number only. It is strongly recommended that persons planning to bid at a Sheriff Sale make a site visit to the property prior to the sale. Many bidders have bid on vacant lots thinking that they were bidding on a property containing residential structures - may not be true. Potential bidders should examine the building or buildings situated on the property. Talking to neighbors in an attempt to evaluate the condition of the property is also helpful. Finally, it is worthwhile to obtain a list of any uncorrected code violations which may have identified for the property. Information is usually available at municipal buildings. A "Notice of Violation" should be provided free of charge, as will information on existing zoning, electrical or building code violations. While there are some "bargains" to be had at Sheriff Sale, potential bidders, especially those seeking residential properties, are cautioned that property conditions may vary widely. |
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Related Mortgage Definitions: Sheriff Sale Sheriff Sale The sheriff's sale is a public auction held at the courthouse door, and anyone can bid on the property. The property is sold to the highest bidder and the proceeds are used to pay for the costs of the sale and to pay off the mortgage. A deed given at the ... more... Tax Sale Tax Sale Property on which current county taxes have not been paid is "sold to the state." At this stage no actual sale takes place - the title is transferred to the state and the owner may redeem it by paying taxes, penalties and costs. If it has not been redeemed ... more... Owner Occupied Property Owner Occupied Property A borrower uses the property as a primary residence. An Owner Occupied loan is secured by property, typically with the borrower renting and occupying the space. If more than one unit, the lease payments may directly support principal and interest ... more... Homestead Exemption Homestead Exemption Status provided to a homeowner's principal residence - the dwelling (house and contiguous land) of the head of a family -in some states that protects the home against judgements up to specified amounts. Some states grant statutory exemptions, protecting ... more... |
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