Posted by Columbusman on August 26, 2005 at 10:23:46:
In my county in Ohio, you only need a certain % of the money at the auction. The % varies by property, but is usually 10% of the winning bid. Sometimes it is 100%, but that is not the norm. They give you either a few days or a month (forget at the moment) to come up with the rest…which can be through a mortgage.
forclosure sale at the court house - Posted by TOBY
Posted by TOBY on August 24, 2005 at 08:37:00:
I’ve never been to a forclosure sale at the court house and was hoping someone who has maybe could give me brief summary on what to expect.
To obtain all the information that there is to know about forclosed real estate, who other than the bank that’s forclosing and the tax office would I need to contact?
Thanks for everyone’s help.
Re: forclosure sale at the court house - Posted by Don Dion
Posted by Don Dion on August 24, 2005 at 09:57:34:
For the tax sale just look on the site for your county assessor they will have an annual sale on the steps of his office or the local court building. Bring your check book or heloc book they want to be paid by the close of business the day of the sale.
For the foreclosure all you have to do is watch your news paper they are listed in the legal section and then you can check the court docket for the day when you go to the court house for the hearings. There will be several in a row. First they will call the case number and read the proceeding. Then a rep for the bank will stand up and bid the ammount owed. At that point anyone else can stand up and bid higher even by $1 if your the winning bidder they click the gavel and you pay at the desk get a receipt present it to the baliff and the judge will order a sheriff’s deed and click his gavel. Each area is diffrent as to when and how you get your deed. Once you get it rush over to the recorder and record your new deed. Once again bring your checkbook you will need 100% of the $$ paid on the day of your bid.
Re: forclosure sale at the court house - Posted by Jenifer
Posted by Jenifer on September 21, 2005 at 16:13:15:
What if there are other liens on the property such as a second mortgage, tax leins, and other judgements, does the winner of the forclosure have to pay them off, in order to own the proeprty fee simple?
Re: forclosure sale at the court house - Posted by TOBY
Posted by TOBY on August 24, 2005 at 10:26:02:
Thank you Don Dion.
Re: forclosure sale at the court house - Posted by Don Dion
Posted by Don Dion on September 21, 2005 at 16:29:17:
NO !! In most cases the lender pay’s the tax bill and add’s it to the balance to protect the interest of the bond holder that is backing the mortgage they service. But in some cases this does not happen and the tax sale would wipe out their security in the home. This happens when you get a sherif’s deed from the court.