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What are sheriff’s sales?
DIGEST OF HOMES • SATURDAY, SEPTEMBER 18, 2021 • 9
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Lois Decker, GRI
REALTOR
Coldwell Banker Fox Chapel
17 Brilliant Avenue, Pittsburgh, PA 15215
C: 724-448-2826
Lois.decker@pittsburghmoves.com
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A sheriff’s sale is a type of auction at which
defaulted or repossessed properties are sold at
the end of the foreclosure process. According
to Investopedia.com, the proceeds of a sheriff’s
sale are used to pay mortgage lenders, banks,
tax collectors, and other litigants who have lost
money on the property being sold.
Sheriff’s sales are not conducted when a
homeowner misses a mortgage payment. In
fact, such sales take place only after lenders
have notified borrowers of default and given
them time to catch up on missed payments.
Sheriff’s auctions are conducted in public, often
outside a local municipal building, such as a
courthouse.
Notices of sheriff’s sales can typically be
found in local newspapers or via sheriff’s office
websites. Properties auctioned off during sheriff’s
sales go to the highest bidder, who typically
must provide certified proof of their funding
prior to making a bid.
Properties up for auction may include single-
and multi-family homes, mixed-use properties,
large complexes and commercial buildings.
Prospective bidders should do a little homework
prior to participating in a sheriff’s sale so
they can be certain what they’re getting
into before bidding on a property.
For example, some properties
may have tax liens on them,
and if such liens were not
wiped out during foreclosure
proceedings,
winning bidders may
be responsible for paying
them. Bidders also
should be prepared
to close quickly on a
property should their
bid prevail, as many
sheriff’s sales require
closing within 30 days
of submitting a successful
bid.
METRO CREATIVE
METRO CREATIVE
Properties auctioned off during sheriff’s sales go to the highest bidder, who
typically must provide certified proof of their funding prior to making a bid.