5 Facts About Sheriff Sales You Should Know
A sheriff’s sale or ‘sheriff sale’ is a public auction that sells properties or assets that have been foreclosed upon. When someone can’t make their mortgage and loses possession of their property, the property is acquired by the lender. This means that the lender will now have legal possession of the property. The attempt to re-sell the property at the sheriff sale occurs in hopes that the lender can earn most or all of the outstanding mortgage value. Also, this is to make sure that the lender has not lost money on the property. Below are some facts that you might not have known about sheriff sales.
The Facts About Sheriff Sales
- There are several kinds of properties that you might find at a sheriff sale. It is common to find single and multiple family homes, commercial properties, mixed-use properties, and larger complexes. Basically, any property that might have had a mortgage can be found at a sheriff sale. If the property was foreclosed upon, this is where to look to find it up for sale.
- Interested in purchasing foreclosures? There are several places to find what properties are for sale at the next sheriff sale. The first place to look is the sheriff’s office or website. You can also check your local newspaper for details about recent sheriff sale foreclosures.
- The amount of money required to bid on certain properties varies from county to county. The amount of money required as a down payment on a property is typically somewhere close to 10%. This means that if this is the case, a property costs $200,000 at auction, you should have $20,000 available to put upfront at the auction. Be sure to check with the sheriff’s office to make sure that you know what their specific rules and regulations are regarding foreclosure auctions.
- Liens may be attached to the property that you wish to buy. In some cases, the IRS, local tax offices, or even local utility companies may attach a lien to the property. It is an effort to acquire the funds that were owed to them by the previous owners.
- The time allowed to close on a property bought at a sheriff sale can vary depending upon the rules set by that particular sheriff’s department. The typical period to close is a 30 day period. This means that you must close on the property that you have purchased within 30 days of the purchase. Be sure to check with your local sheriff’s office to ascertain the details such as ‘time-to-close’.
Is Your Property At Risk of Foreclosure?
If your property at risk of foreclosure? It might be a good idea to hire a foreclosure attorney. If you have a defense such as a serious error made by the servicer or the inability for the foreclosure party to prove that it owns your loan, a foreclosure attorney can help you.
A foreclosure attorney can help you to keep your home or to be able to stay in your home through the proceedings. Additionally, they can help you avoid sheriff sales. It is important that you hire your foreclosure attorney with ample time to prepare and fight your case. Being proactive is the best way to tackle a problem such as a foreclosure. An attorney could be the answer to your problems. If you think that you might need to hire a foreclosure attorney, click here!