What is a Sheriff’s Sale?
When individuals are facing foreclosure in Johnson County, they will likely hear the term Sheriff’s Sale as something that could happen. If you have never experienced this, it can be intimidating to understand what could happen at this type of sale. That is alright because our team at Cherry Park Properties can help you learn about how the process works. Join us through this article to learn more about sheriff’s sale in Johnson County, and how the entire process would work.
What Is a Sheriff’s Sale?
A sheriff’s sale is a type of public auction where interested buyers can bid on foreclosed properties. These sales take place locally and are usually conducted at the county level and occur quite frequently. You can check with your county’s sheriff department to determine how often they take place near you, but usually at least once a month if not every week. Sales typically take place in the sheriff’s office or at the county courthouse. In some areas of the country, they are conducted on the front steps of the courthouse rather than inside. The homeowner may be able to redeem or regain, the property — even after the sale — by paying the taxes plus interest and penalties due, or the balance of the mortgage. The right and time to redeem vary by state and county.
A consultation with an attorney who is familiar with the redemption laws is advisable.
The foregoing is legally referred to as the “equitable” right of redemption. Equitable means “fair.” The equitable right of redemption allows the homeowner to sell the property or the redemption rights into the property and capture some or all of the equity. The equity in the property is created by a combination of increases in value over time and reduction of debt as the mortgage has been paid.
There are many people and entities, similar to Cherry Park Properties, in the business of purchasing rights of redemption. The homeowner whose residence is in foreclosure may be approached several times with offers to purchase their redemption rights. A wise homeowner will consider such offers like foreclosure help carefully and do necessary background checking before signing any documents. A consultation with an attorney who is familiar with the redemption laws is advisable.
Our primary focus is on real estate foreclosures, redemption rights in Johnson County, and acquisition of first and second mortgages. We want to provide a hassle-free and pleasant experience no matter what service we are providing. Contact us today at 913-839-2345 to chat about your options.