Belt Auction

How is the bidding and payment done for a Sheriff Sale?

If a sheriff sale listing says "Sheriff to collect $150,000" does that means the bidding starts there, ends there, or neither? Also, if you win the bid and pay the downpayment, when is the remaining balance owed? Is it owed by the end of the day or week, etc.? Are there lenders present at the courthouse?

Public Comments

1. Most are sealed bids, but some do have live auctions. Either way it is due at the time of sale. If you don't have the cash available look into a pre-approved loan.
2. sheriff sales, trustee sales or foreclosure sales ---whatever you want to call them are usually held on the courthouse steps at a predetermined time. the property will be awarded to the highest bidder if: 1-he has proper financing or cash at time of sale 2-if he is somewhere close to the anticipated amount the bank needs. banks are now starting to turn down high bids that are not even remotely close to the defaulted amount. with the number of foreclosures increasing every day the banks are now refusing to take losses. you will need to contact the sherrif and ask if the 150K is back taxes and liens, the defaulted amount or where the bidding is to begin. each area is different also make sure you can look at the property somehow with an inspector. you don't want to purchase a money pit. good luck. :)