Distressed Homes

 SHERIFF SALES:

What is a Sheriff Sale?

An execution on a judgment that may be taken on real estate to satisfy a debt.  This is NOT a Tax Sale, which is the responsibility of the Municipal Tax Collector.  You may contact them at the various community town hall.

Where are Sheriff Sales held?

There are regularly scheduled sales at each taxing municipality.  In New Jersey they are at each county monthly.

How can I determine if a property will be sold?

Thirty(30) days prior to sale, a listing is posted in the Sheriff's Office of each county which may be viewed, or you may obtain a list in the local newspaper each and every week of the year.  These are published four consecutive weeks, prior to sale.

May I see the property I am interested in?

Neither the Sheriff nor the mortgage comapny has physical access to these properties.  They are owned by the debtors until they are sold on the day of sale and are not open for public viewing.

What stops a Sheriff Sale?

The sale can be stopped by (1) the writ being stayed; i.e., all proceedings involving the sale are stopped; (2) a court order; (3) bankruptcy being filed.

When do the sales take place?

The sales are always scheduled on a Wednesday or Thursday check with each respective county for their schedule usually at 12:00 Noon.

How much does it cost to bring a property to sale?

The cost is $1,500 deposit, which is required for sheriffs costs and advertising.

What method of payment is accepted if I purchase a property?

If you are the successful purchaser, payment in the full amount of your bid MUST BE PRESENTED in the Sheriff's Office of each respective county-BY 2 PM on the day of the sale, in the form of cash, ceritfied bank check or money order.  No personal checks are accepted.  If payment is not presented at 2 PM, the property is again re-auctioned at 3 PM in the Sheriff's Office and you are held liable for the deficiencies of the sale.

Is any property research required before the sale?

The Sheriff guarantees no free-clear title to any property, which means, if you purchase the property, any liens that follow the property may be your responsibility.  It is our experience that most third-party bidders utilize an attorney to help them prior to sale.

CONDITIONS OF SALE-THE HIGHEST AND BEST BIDDER SHALL BE THE BUYER

Terms- The purchaser will be required to pay the full amount of his bid by on the day of sale, and if complied with, a deed will be tendered by the Sheriff at the next Court Session of the respective county, conveying to the purchaser all the right, title, interest and claim which said defendant has in and to said property at the time of levying the same.

DEEDS

A Condition of Sale Sheet will be provided so you may indicate to whom you wish the Deed struck.  It is our usual practice to prepare deeds as soon as possible after sale, depending on workload.  If there is bidding on a property and it is sold for an amount higher than the opening bid(which is the total ONLY of Sheriff's Costs and Advertising) a Title Search is ordered and a Distribution sheet must be prepared and posted in this office for 10 days, after which a distribution of any funds is made.  There is a minimum of forty (40) days after a sale of this nature before a Deed is delivered by the Sheriff to the Recorder of Deeds.  The Recorder requires two(2) Statement of Value Certificates (at least one of which must be an original) and must reflect the Book and Page number.  The Recorder also requires a self-addressed, stamped envelope.  Your deed will not be recorded without this paperwork.