Sheriff Sale Houses - Know how the process works

Sheriff Sale Houses - Know how the process works

Foreclosure can happen to anyone. Many homeowners were unable to find ways to save their properties from becoming sheriff sale houses. Foreclosure laws vary by state. The length of time before you have to evacuate the foreclosed property will depend on the laws of your state. Some states require homeowners to vacate their houses a few weeks before they become sheriff sale houses. Other states give homeowners a certain period of time to pay off their dues and maintain ownership of the property.

What To Expect When Sheriff Sale Happens:

Usually, sheriff sale houses are no longer owned by homeowners. This means that lenders have foreclosed the properties due to the failure of homeowners to pay their monthly mortgages. The properties will be placed on sheriff sale to be auctioned off to the highest bidder. The person who gave the highest bid will become the new owner of the property. In some states, eviction may happen once the sale of the foreclosed property has been confirmed, which normally takes a few days or weeks after the sale, depending on state laws governing foreclosures.

Actually, the confirmation process is just a formality to determine if there was a fair sale and it complied with all the regulations and rules of the state. If there is no major problem, confirmation of the sale will push through and thus, the completion of the foreclosure process.

In most cases, the eviction process starts when new owners of the house have shown proof to the courts that they have won the bidding and thus, have the right to possess the property. Typically, the county court will grant the owners' request for possession and order the sheriff to set the date for the eviction of former homeowners. Eviction can sometimes turn into a messy affair because some tenants refused to live their properties.

In the event of sheriff sale houses, previous owners will be given ample notices and time to move out of the properties. At this point, the only way that the previous owner can hold onto his property is to buy it from the new owners. Other than this, he has no choice but to vacate the property.

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