what is Sheriff's Sale

A sheriff's sale is a public auction of property that has been repossessed due to an unpaid obligation, typically conducted by a court order to satisfy judgments against the former owner. The proceeds from the auction are used to pay mortgage lenders, banks, tax collectors, and other litigants. Here's how it works: 1. **Notification and Grace Period**: The lender notifies the borrower of default and allows a grace period for the borrower to catch up on mortgage payments. 2. **Auction Process**: The auction is held on the courthouse steps or a public location, with notices in local newspapers and online. Bidders must pay a deposit, usually 10% of the bid amount, and the balance is due at the time of confirmation. 3. **Bidder Requirements**: Bidders must present an unexpired written statement from the County Tax Assessor-Collector proving they do not owe any delinquent taxes. 4. **Property Transfer**: After the court confirms the sale, the successful bidder pays the remaining balance and receives possession of the property. Investors and homebuyers attend sheriff's sales to purchase foreclosure properties at potentially discounted prices. The process ensures that the lender's claim is satisfied, and the property is transferred to the highest bidder.