The sheriff’s sale is a public auction that the sheriff conducts to sell your home to the highest bidder. Your lender determines the starting bid on your property and it can be any amount up to the total amount owed on your mortgage. Your lender wont notify you of the amount of the sheriff’s deed either. So how can you find out? You could attend the sheriff’s sale or you can call us and we can give you the information. The amount of the sheriff’s deed can vary drastically from what’s owed on your mortgage. Why is this important? Well sometimes the amount could be 30, 50, or even 80 percent less than what is owed. When this happens, you could go from having little to no equity to having lots of equity! Let’s say your home is worth 100,000.00 and you owe 100,000.00 on your mortgage that leaves you with no equity. If, however the sheriffs bid was 50,000.00 you pay it off and keep your home or sell your home and walk away with 50,000.00 no questions asked, paid to you at closing. Hard to believe? But it’s absolutely true. That’s why it’s so important to know your sheriffs deed amount. You can go from having no options to having lots of options in regard to your home.
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If I want to re-purchase the property, what is the purchase price?
At the sheriff’s sale, the buyer paid a certain amount of money to purchase the property. Often the buyer will be your mortgage company although it may be a third party. The amount necessary for you to buy back, or redeem, your property is the amount the purchaser paid, plus some allowable costs and a daily interest rate based upon your mortgage loan interest rate. You can learn the sale price for your property by contacting our office.
What if the purchase price at the sheriff's sale is less than the amount of my loan?
If you want to redeem, or buy back your property you only have to pay the purchase price from the sheriff's sale plus interest and some costs, even if it is substantially less than your loan amount.
I have the funds for redemption, who can I contact for the amount required?
We offer a service to assist homeowners who are unaware of the process.