Does the amount bid affect a Deficiency Judgment calculation?
No. The Deficiency Judgment amount is based upon the appraised value of the property as of the date of the Sheriff’s Sale. If the Lender, however, allows the property to be sold to a third party at the Sheriff’s Sale for less than the full payoff, it may present some equitable obstacles to collecting a deficiency. What are Sheriff’s Costs? Sheriff’s Costs is the minimum opening bid. The actual costs range from $800.00 to $2,000.00. In Philadelphia County, the Sheriff’s Costs range from $800.00 to $25,000.00 as the Sheriff of Philadelphia is required to collect all outstanding taxes, water and sewer rents and gas company (PGW) charges. In some counties the Sheriff’s opening bid is $1.00, which is shorthand for $1.00 over costs. When can we obtain the actual Sheriff’s Costs? These costs generally are not available until the day of the Sale. In some counties (Bucks and Chester) they are not available for four (4) to six (6) weeks following the Sale. For the purpose of preparing bidding in
