Sheriff Sales

What is a Sheriffs Sale?

A Sheriffs Sale is a sale of mortgage foreclosure properties. When a real estate property is in foreclosure, the date of the Sheriffs Sale is set. The date of the Sheriffs Sale is the day the home in foreclosure is auctioned off to the highest bidder. If no one bids high enough for the real estate property, then the bank takes the property and the real estate property becomes an REO or bank owned property.

 How do Sheriffs Sales work?

Sheriffs Sales are held at the county courthouse. The dates of the sheriffs sales are published in legal newspapers. If the foreclosure process has not been stopped by methods such as a short sale or a bankruptcy, the home in foreclosure will go to the Sheriffs sale and get auctioned away.

How much will my home sell for in a Sheriffs Sale?

Since most people who go to sheriffs sales are real estate investors, they are looking for good deals on homes. That means, they will not pay retail prices or top dollars for your home. Most of the time, real estate investors who attend sheriffs sales get houses at discounts.

Deficiency Judgement after a Sheriffs Sale

Unfortunately, after a sheriffs sale, your mortgage company can still come after you for a deficiency judgement. For example, you owe the mortgage company $120,000 and your house is worth $100,000. If your house is auctioned off at a sheriffs sale for $70,000, then the bank can still come after you for the difference of $50,000 ($120,000 - $70,000). Sometimes, you will not hear from the bank immediately after the sheriffs sales. Sometimes, it will be a year until you receive a collection letter from the mortgage company.

Much better to do a short sale than to let your house go to a Sheriff's Sale

For most people, it is much better to do a short sale on their home than to have their home go through the whole process of foreclosure and then the Sheriffs Sale. home Solutions Inc. has real estate investors who specialize in short sales who will work with you every step of the way to ensure that you understand the process and that you are getting the best possible solutions. If you are interested in short sales, call our office or use our contact form. Alternatively, you can use our contact form All information you provide are private and confidential. All of our services are risk free and free of charge. We look forward to helping you.