How does a court order a foreclosure sale?
How does a court order a foreclosure sale?
If the homeowner doesn’t contest the foreclosure, the court issues a default judgment and authorizes the sale. A sheriff, judge or officer of the court usually conducts a live auction held inside the courthouse or on the courthouse steps. (Some counties offer the option to bid online.)
Do you have to re bid on a court ordered sale?
If this happens the courts will ask everyone to re submit their offer in a sealed envelope and the sale will be awarded to the highest bidder. This happens at the courts, on the day of your court date, so you should be ready. You do not get the chance to negotiate. It’s a one-time occurrence.
Where does a nonjudicial foreclosure auction take place?
A nonjudicial foreclosure auction does not have to be conducted by court-appointed officers; the lender typically appoints a third-party sales agent (like Auction.com) to conduct the auction. These auctions can be held in various places: on the courthouse steps, at the property, or in a convention center or ballroom.
What happens on day of court ordered sale?
On occasion there could be several offers or someone who arrives at court with an additional offer. If this happens the courts will ask everyone to re submit their offer in a sealed envelope and the sale will be awarded to the highest bidder. This happens at the courts, on the day of your court date, so you should be ready.
When does a trustee post a notice of sale?
Notice of trustee’s sale If you do not cure the default in the three month period, the trustee will record a Notice of Sale and: mail a copy to you at least 20 days before the sale (if your deed of trust includes a request for notice, which it probably does) post the Notice of Sale on the property at least 20 days before the sale.
What are the different types of courthouse auctions?
Courthouse auctions may fall into two categories: absolute and lender confirmation. In an absolute auction, the winning bidder gets the property. In a lender confirmation auction, the lender has the right to approve the bid.
If the homeowner doesn’t contest the foreclosure, the court issues a default judgment and authorizes the sale. A sheriff, judge or officer of the court usually conducts a live auction held inside the courthouse or on the courthouse steps. (Some counties offer the option to bid online.)
What do you call a court ordered sale?
The process is very specifically regulated by the Court, and any ultimate agreement to sell the property must be approved by the Court. These sales are referred to as foreclosures, or Court Ordered Sales.