A sheriff sale occurs when a property is put up for auction after it was court ordered for seizing and selling. In this situation, the property owner was unable to make mortgage payments, which resulted in it being taken to cover the balance that was owed to the lender.
If you’re unfamiliar with the idea of the sheriff sale, then you’ve reached the right place. Let’s take a look at some Q&As about the process that can help you better understand what’s entailed.
Sheriff Sale Q&A
Here are a few good-to-know facts about a sheriff sale:
- How Do I Find Sheriff Sale Properties? It’s pretty easy to find properties like this in your area and beyond by simply searching the web. Many sties list the properties that are scheduled to be auctioned off, along with photos off the house. Also, you are likely to see an advertisement in your local newspaper with a listing of the schedule and where the auction(s) will be held.
- Is Registration Required? Registration is not required in order to participate in this type of auction. You simply show up on the date and time at the location specified then bid on the properties you’re interested in purchasing.
- What is a Writ? A writ is an identification number that is listed in the newspaper and on websites right before the property’s address. This number is an important part of the process because at the auction, the auctioneer will call it only to identify the property.
- What if the Property is “Stayed?” This means that the court order requiring the property be a part of the sheriff sale has been cancelled and the property will no longer be available for auction.
The good thing about the sheriff sale is that all you have to do is show up and you can take advantage of some potentially great properties for a fraction of what you would have paid if purchased from the owner. So if you’re interested in attending one in your area, simply search the web or your local newspaper for more information.