If you or someone you know is close to a foreclosure situation in San Diego or in one themselves, you know that it is not necessarily a place you thought you would be in. When you are down this road, there is usually a reason that you have found yourself in a stressful financial situation that can cause major turmoil to your life, your family’s life, your credit, and your overall finances. There are many ways that homeowners get into tricky situations with their home and today, we are going to look further into a sheriff’s sale and how it works.
What is it exactly?
So what is a sheriff’s sale exactly? According to newwestern.com, “A sheriff’s sale refers to a real estate selling event that is conducted by the local sheriff’s department. Properties are sold in an auction style, with bids driving up the sale price. The highest bidder gains ownership of the property. Properties may end up at a sheriff’s sale due to the owner’s failure to pay their mortgage, taxes, liens, or other debts associated with the home.” When you are dealing with a sheriff’s sale, it is governed by the direction of the local court.
Is a foreclosure the Same as a Sheriff’s Sale?
When you are in a foreclosure situation, a lender’s representative manages the foreclosure. In a foreclosure, the bank has reclaimed your San Diego property because mortgage payments were not being made. Although a sheriff’s sale is not a foreclosure, they are handled in very similar aspects. It is important to note that most of the time during a sheriff’s sale you are dealing with a single family home, condo, townhouse, or small multi-family property. Large multi-family properties are less common when dealing with a sheriff’s sale, but they can happen.
Some Helpful Tips
When dealing with foreclosures and a sheriff’s sale, it is important to proceed with caution. According to the Motley Fool, “Many times, real estate sold at a sheriff’s sale is purchased by the very bank that is foreclosing on it. This is due to a couple of factors, but the most important one is that a lot of times, people just don’t show up to these sales. They’re often at inconvenient times and require you to put up a great deal of cash upfront immediately before you can even access the property to assess its value.”
How does a Sheriff’s Sale Work?
- Property is Listed: this is when the property auction is listed at a sheriff’s sale. When this happens, it means the court has turned the property over to the sheriff’s department for auction.
- Bidding: a sheriff’s auction is open to the public. The balancemoney.com gives an important tip. “One thing to note: generally, everyone must have certified funds available before they can bid on a property.”
- Property Closes: like any auction, the property is awarded to the party that provides the highest bid.
- Fund Transfer: this is when the new owner provides proof of funds and ownership is transferred. Study.com provides some insight on a sheriff’s deed. “A sheriff’s deed is a type of deed that transfers ownership of the property at a sheriff’s sale. These kinds of property sales are generally involuntary, so the deed is not being conveyed from the original property owner but is instead being conveyed by the sheriff through the process of judicial foreclosure.
What Happens After the Sheriff’s Sale?
A sheriff’s sale can require closing in 30 days or it may take more or less time. It really varies depending on location.
Trusted House Buyers
If a foreclosure or a sheriff’s sale is causing your head to spin and adding to the growing frustration and stress that you find yourself in, then you have a valid reason to feel that way. The process of going through a foreclosure or a sheriff’s sale can be lengthy, scary, causing feelings of uncertainty and dread. Let Trusted House Buyers come in and buy your house as-is. Let us pull you away from a property that is no longer serving you. When you can’t pay your mortgage anymore, you know you are in a bind. We are here to help lift you above your financial uncertainties and provide a fair cash offer for your home. We will walk the property, compare homes in your area, and can give you cash. That’s right. Cash. We are usually able to close within 10 days allowing you to breath a sigh of relief eliminating any concerns for going into auction or a sheriff’s sale. If you are looking for more information on how Trusted House Buyers can help you sell your San Diego home, give us a call today at 619-786-0973. We look forward to helping you!