The Actual Sheriff Sale
The sale will be held at the county courthouse for the county the property is located in. There are several good reasons for you to monitor the results and final bid amount. Scheduled sale dates are never certain and they can change with little notice. If you need help tracking yours, let me know. Most counties will report sales on their website several days after they have occurred.
Most of the time, the only bidder on any given property at a sheriff sale, is the bank/creditor, and they will generally bid what they are owed the day of the sale. This bid amount is the amount in cash you would need on the day of the sale to redeem the property. This amount will increase daily as interest, taxes, insurance and fees will continue to accrue, so if you are able to redeem several months later, the amount could be several thousand dollars more.
Occasionally, the bank will bid less at the sale than what they are owed. This happens for a variety of reasons and the discussion of why is not really pertinent at this point, the key thing to know, it this sale amount becomes your new amount to redeem the property. This smaller number will also increase your bottom line if you sell the property. Here is an article that demonstrates an extreme case of this happening. As you can see, what you don't know can hurt; badly.
Since anyone can bid on property at a sheriff sale, there may be times when the final sale price is influenced by multiple bidders. Again, outside bidders can be attracted to your property for a variety of reasons and a sale price above what is owed is a more complex thing to navigate than either of the two previously mentioned scenarios. The amount to redeem, may now be well above what is owed. This should not scare you away from staying engaged and working toward the most positive financial solution for yourself. The excess may be recoverable in many cases.
Most sales are over in less than 5 minutes, but set the stage for a big piece of your future financial life. Hopefully your home is already on the market, but if not, it's not too late. Get the expert advice you deserve.
Most of the time, the only bidder on any given property at a sheriff sale, is the bank/creditor, and they will generally bid what they are owed the day of the sale. This bid amount is the amount in cash you would need on the day of the sale to redeem the property. This amount will increase daily as interest, taxes, insurance and fees will continue to accrue, so if you are able to redeem several months later, the amount could be several thousand dollars more.
Occasionally, the bank will bid less at the sale than what they are owed. This happens for a variety of reasons and the discussion of why is not really pertinent at this point, the key thing to know, it this sale amount becomes your new amount to redeem the property. This smaller number will also increase your bottom line if you sell the property. Here is an article that demonstrates an extreme case of this happening. As you can see, what you don't know can hurt; badly.
Since anyone can bid on property at a sheriff sale, there may be times when the final sale price is influenced by multiple bidders. Again, outside bidders can be attracted to your property for a variety of reasons and a sale price above what is owed is a more complex thing to navigate than either of the two previously mentioned scenarios. The amount to redeem, may now be well above what is owed. This should not scare you away from staying engaged and working toward the most positive financial solution for yourself. The excess may be recoverable in many cases.
Most sales are over in less than 5 minutes, but set the stage for a big piece of your future financial life. Hopefully your home is already on the market, but if not, it's not too late. Get the expert advice you deserve.
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