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What is a Sheriff's Sale?
A sheriff's sale is an auction following a court order to seize and liquidate property in order to satisfy the non-payment of a debt or other obligation of the owner.
Sheriff Sale Auction Process
When a property owner defaults on his or her obligation to pay a debt, legal action may result in a court order instructing the county sheriff's department to hold a public auction for the sale of the property. The process starts with advertisements in the local county newspapers and other media to notify the public of the impending sheriff's auction and to provide the address of the property, auction date, place and other relevant information. At the time of the auction, interested buyers are asked to bid on the property being auctioned and the highest bidder wins the right to buy it. A deposit, called "hand money" has to be paid in cash or certified check by the winning bidder, in order to secure the purchase. Closing is scheduled for a future date, when the winning bidder has to present him or herself in order to sign ownership documents and pay the balance of the price owed. In the event the winning bidder refuses to close as required, the property will again go up for auction and all costs associated with re-auctioning the property and any shortfall in the price will have to be paid.
Advantages and Disadvantages of Buying at Sheriff Sales
The main advantage in buying a property at a sheriff's sale is the big discount in price that can be achieved. A purchase price of up to 50% or so below market value is possible, depending on the number of competing bidders and the flexibility of the foreclosing lender.
There are a number of disadvantages to also consider prior to bidding at any sheriff sale:
1. A buyer has to conduct his or her own title search and confirm details on the real estate being considered prior to bidding at the public auction. This can very well represent lost time and money, if the buyer does not win the bid.
2. A buyer will in most cases have to buy a property being auctioned without prior inspection and in "as is" condition.
3. If a property happen to be occupied by a tenant or previous owner, it is the responsibility of a buyer to remove the occupant.
Click to find repo homes being auctioned in your area?
A sheriff's sale is an auction following a court order to seize and liquidate property in order to satisfy the non-payment of a debt or other obligation of the owner.
Sheriff Sale Auction Process
When a property owner defaults on his or her obligation to pay a debt, legal action may result in a court order instructing the county sheriff's department to hold a public auction for the sale of the property. The process starts with advertisements in the local county newspapers and other media to notify the public of the impending sheriff's auction and to provide the address of the property, auction date, place and other relevant information. At the time of the auction, interested buyers are asked to bid on the property being auctioned and the highest bidder wins the right to buy it. A deposit, called "hand money" has to be paid in cash or certified check by the winning bidder, in order to secure the purchase. Closing is scheduled for a future date, when the winning bidder has to present him or herself in order to sign ownership documents and pay the balance of the price owed. In the event the winning bidder refuses to close as required, the property will again go up for auction and all costs associated with re-auctioning the property and any shortfall in the price will have to be paid.
Advantages and Disadvantages of Buying at Sheriff Sales
The main advantage in buying a property at a sheriff's sale is the big discount in price that can be achieved. A purchase price of up to 50% or so below market value is possible, depending on the number of competing bidders and the flexibility of the foreclosing lender.
There are a number of disadvantages to also consider prior to bidding at any sheriff sale:
1. A buyer has to conduct his or her own title search and confirm details on the real estate being considered prior to bidding at the public auction. This can very well represent lost time and money, if the buyer does not win the bid.
2. A buyer will in most cases have to buy a property being auctioned without prior inspection and in "as is" condition.
3. If a property happen to be occupied by a tenant or previous owner, it is the responsibility of a buyer to remove the occupant.
Click to find repo homes being auctioned in your area?
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