I have a friend whose house is being sold at a sheriffs sale. How long after the sale will she have to move? Does the property always get sold?
Yes, the property always gets sold. The mortgage company has a default bid in the amount of the mortgage if no bidders come forth, so the house is gone. Depending on the state, notice can be immediate or take a while. You should see if the mortgage company will rent the house to your friend as suggested by another answer. In this market I think your friend will have a good chance of staying as a tenant for a while. If the house sells above the amount owed on the mortgage, your friend will be entitled to a refund of the overbid amount.
What happens to your house at a sheriff sale? Does the property always get sold?
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Smart people are gone long before the sheriffs sale .
Time to stop being lame and get relocated , ASAP .
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I am actually surprised they haven’t made your friend already move out.
But at a sheriff’s sale the house is put up for auction so to speak to anyone, at the court house, if its not what the bank wants for the house, it will go back to the bank. Usually in this case your friend would definitely need to be out at this point.
Hope this helps! Take Care
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Myself, I work in a real estate office!
In most states you have 6 months right of redemption, from the date of sheriffs sale. An eviction notice follows, 10 day notice to vacate, again, in most states. Check on the statutes in your state. In any event, at the end ,if there is personal property, (including people), all are put to the curb! Good Luck!
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Retired Mortgage Auditor
As soon as the Sheriff or court issues the certificate of sale to the successsful bidder, he/she/it has the right to obtain an order (sometimes called writ of posession or writ of assistance) to have the sheriff move the former owner out. What your friend can do is contact the Plaintiff’s attorney or the winning bidder’s attorney & offer to rent the place if he needs more time to move out.
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Yes, the property always gets sold. The mortgage company has a default bid in the amount of the mortgage if no bidders come forth, so the house is gone. Depending on the state, notice can be immediate or take a while. You should see if the mortgage company will rent the house to your friend as suggested by another answer. In this market I think your friend will have a good chance of staying as a tenant for a while. If the house sells above the amount owed on the mortgage, your friend will be entitled to a refund of the overbid amount.
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Full time real estate investor
Depends on the notices received.
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