A sheriff’s foreclosure sale is a simple auction. The Sheriff has his or her gavel, everyone is bidding, and the highest bidder wins. Typically there is money that has to be placed with the sheriff or whoever wins the bid at the time of that bid.
Then, the attorney who represents the bank will prepare a confirmation of sale, which needs to be filed with the court. As part of that, the sheriff is ordered to issue a deed.
None of this happens instantaneously. Sometimes, it will take 30 days or more before the actual deed is given to the buyer. It depends on how busy the sheriff is and how many foreclosure sales are happening as to how quickly that transpires, and how busy the bank’s attorney is, and the judge. In the recent reform law that took effect on September 28, 2016, there are now provisions to help remedy these delays. Watch our Articles Page for an article about these newly enacted provisions which we will be posting in the near future.
At the auction itself, as part of the advertising, the prospective buyers will know what deposit they will have to come with at that auction. After the auction, the winning buyer has to pay the winning bid amount.
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