Sheriff Sale Homes

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What are Sheriff Sale Homes?

Homes auctioned by a sheriff following a court order to seize and liquidate in order to satisfy the non-payment of a debt or other obligation of the owners.

Sheriff Sale Homes Auction Process.

When a homeowner defaults on his or her obligation to pay a debt, legal action could result in a court order instructing the county sheriff's department to hold a public auction for the sale of the home. The process starts with advertisements in the local 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. On the day 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 will be 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 Sheriff Sale Homes

The main advantage in buying sheriff sale homes is the big discount in price that can be achieve. A price of up to 50% or so below market value is possible, depending on the number of competing bidders and flexibility of the foreclosing lender.

There are a number of disadvantages to also consider prior to bidding at a sheriff's sale:

1. Buyers have to conduct their own title searches and confirm details on the real estate being considered prior to bidding at the auction. This can very well represent lost time and money, if the buyer does not win the bid.

2. Buyers will in most cases have to buy the properties being auctioned without proper inspections.

3. If any sheriff sale homes happen to be occupied by a tenant or previous owner, it is the responsibility of a buyer to remove the occupant.

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Definition of Sheriff's Sale - Wikipedia