What Happens at a Sheriff Foreclosure Sale?
Function A sheriff foreclosure sale is for real estate only. Although a sheriff is responsible for selling other type of property–automobiles, for example–this is not done through a foreclosure sale. Types There are two common types of sheriff foreclosure sales. Open auctions involves bidders gathering in one place and making public bids. Sealed bid auctions are those in which bidders submit bids in writing to the sheriff’s department on a designated date and time. Registration Bidders at an open auction, and at some sealed bid auctions, register in advance with the sheriff’s office. Payment The winning bidder is expected to pay the amount bid on the day of the auction, unless other pre-approved arrangements are made. Sheriff’s Deed Upon making the bid payment, the sheriff gives the winning bidder what is known as a sheriff’s deed. The sheriff’s deed does not necessarily give you clear title to the real estate. You need to satisfy any other liens on the property in addition to the li
