Foreclosures Frequently Asked Questions.
*Is there a redemption period on Sheriff’s sales? No. Except when there are inferior IRS liens. The IRS may redeem within 6 months of the sale, but must pay 6% interest, the full purchase price, and necessary improvements made to keep the property.
*May I write a personal check at a Sheriff’s sale? No. Cash, cashier’s checks, money orders, certified checks, and bank Official Checks are the only forms of money accepted.
*What happens if I bid on the wrong property? You must be sure to bid on the right property, otherwise you might have to purchase the wrong property.
*How will I know how much money to bring as a deposit if I do not know what amount will be the winning bid? Know your bid before you come to the auction and come with 10% of that amount and no more.
*Suppose I am the winning bidder but my cashier’s check is higher than my successful bid amount? Can I get change? Yes.
*Am I the owner of the property after I put up my 10% at the auction? No.
*Can I get the property insured after I put up my 10% at the auction? Yes. If you can find an insurer who will write insurance on an insurable interest even though you are not yet an owner.
*May I enter the premises or can I have an appraiser enter the premises for financing purposes after I put up my 10%? No.
*Can I evict the occupants after I put up my 10%? No.
*What is an inferior lien? A lien that is lower in rank than the foreclosed lien.
*What is a superior lien? A lien that is higher in rank than the foreclosed lien.
*Does an IRS lien outrank other liens? No. But IRS may redeem the property as stated above.
*Why are so many Sheriff’s sales stopped? Bankruptcy, forbearance, human error.
*Can a debtor sell, donate, or transfer his property after the Sheriff has seized it, but before the Sheriff’s auction? No
*Can a debtor list it with a Realtor after seizure but before the Sheriff’s auction? He can list it, but the listing will be unenforceable and illegal.
*Suppose the debtor sells the property in spite of the seizure by the Sheriff? Is such a sale legal? Such a sale is illegal and counts for nothing.
*Can I negotiate to buy the property directly with the creditor and skip the Sheriff’s sale? Yes, but the negotiations must include the debtor, the creditor, and the Sheriff.
*What happens if I do not put up the balance of the purchase price after being the successful bidder? Can I be successfully sued for double the deposit or be forced to complete the sale? The deposit is in jeopardy, but you cannot be sued for double the deposit or be made to buy the property.
*Do I have to register for the auction? No.
*Do I get clear title at a Sheriff’s sale? If the debtor had clear title you get clear title. If the debtor did not, you do not.
*Is there a warranty? No.
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Visit
www.StTammanyHomesAndLand.com
for a Free Weekly List of Foreclosures in St Tammany Parish Louisiana.
Thank You
Marc Pellettiere Realtor
Scoggin Properties / GMAC Real Estate
985-867-8670
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