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Q: Where is the foreclosure auction held?
A: The place of sale is published in the legal or other newspaper that advertises the sale.
Usually, it is in the county clerk’s office or courthouse in the county where the property is located.
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Q: What are the terms of sale?
A: Generally, 10% down in cash or certified funds is required at sale. If the check that you bring is more
than 10% it will be applied against the purchase price.
The property is sold "as is" and there is no inspection opportunity either before or after the sale.
The sale is an all cash transaction. It is not subject to financing. You won’t be able to have the inside of the property
appraised, nor will the plaintiff sign any documentation concerning a financed transaction.
You will also accept the property subject to any occupants, tenants or squatters who may also have rights
pursuant to local, state or federal law.
If you are the successful bidder, you will be required to sign a memorandum of sale. This is a binding contract where you agree
to the terms of sale. If you don’t close you face the possibility that your deposit is forfeited.
Closing is within 30 days. Thus, immediately after sale you should contact your attorney. Have your counsel request any title
evidence from the plaintiff that may assist you in getting the transaction closed on time.
You are responsible for all closing costs, including transfer tax (unless the jurisdiction you are in requires the seller to pay
for the transfer tax).
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Q: What if I show up at sale and no one is there?
A: The sale was most likely cancelled or postponed. Last minute bankruptcy filings or agreements made between
the plaintiff and borrower are common. For sales our office holds, log onto this web site and check the sales schedule.
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Q: Can I get the opening bid in advance of sale?
A: No. This information cannot be given out. You must go to the actual sale.
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Q: Can I purchase the property from the plaintiff in advance of sale?
A: No. The mortgage on the property is a lien; the plaintiff does not hold title.
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