All attendees must wear a mask / facial covering and will have their temperature taken upon entering the building. We will be practicing the 6-foot social distancing guideline, but due to limited seating, we are asking only those interested in purchasing the properties to attend the sale.
Terms of Purchase for Sheriff’s Sales
As a purchaser at a Sheriff’s Sale, you are responsible for investigating the location, condition, and title of the property to determine whether you want to place a bid. You may want to review public records available at the Offices of the Clerk of Courts, County Recorder, or County Auditor. You should not contact the Auctioneer with questions, because the Auctioneer does not have any information regarding the property.
Neither the Sheriff’s Office nor the court insures the title to the property. If you want title insurance, you must contact a title company. However, the Sheriff’s Office will not wait for a title company to perform a title search and issue a title commitment. You must be ready to complete your purchase when the court confirms this sale, which could be as long as six months from today. Additionally, you must have sufficient funds available to complete the sale when the court confirms it. A bank will not likely be able to view the inside of a building for an appraisal; and therefore, may not be willing to loan money for a property purchased at Sheriff’s Sale. The Sheriff’s Office will not wait for a bank closing. Once the court has confirmed the sale, the Sheriff’s Office will notify the successful bidder to come pick up the deed. You must pay the balance in full at that time. If you do not, you may loose your deposit and may be held in contempt of court. Know what you are buying today and be ready to complete the sale when confirmed.
Although properties are often appraised as part of the foreclosure process, you should know that appraisers may not have examined the interior of the building if access was not provided.
Sometimes, properties sold at Sheriff’s Sale have been vacant for some time and services may have been provided to the property by the City, County, or a Township. These services result in a lien against the property for the value of the sewer, health or safety services provided. Every effort is made to ensure that these debts are paid from the proceeds of the sale, but there is no guarantee. Additionally, you may want to contact utility companies and inquire about their policies regarding outstanding bills of prior owners of the property.
Real estate taxes and assessments are not pro-rated in a Sheriff’s Sale. Delinquent taxes and assessments will be paid from the proceeds of the sale. In many cases, the taxes and assessments from the previous tax year, which are being collected this year, will also be paid from the proceeds of the sale, but this also cannot be guaranteed.
Even if you are the successful bidder today and you pay your deposit, and even if you pay the purchase price in full, you are not the owner of the property until the court has confirmed the sale and a deed in your name has been delivered to you. You may not take possession of the property or make any alterations to the property. You must understand that the property owner may redeem the property before the court confirms the sale. If the owner redeems, your deposit will be returned. Once the deed has been prepared, the Sheriff’s Office will have the legal description checked by the County Engineer, transfer the property with the County Auditor, record the deed with the County Recorder, and then return the recorded deed to you.
