Website design By BotEap.comAt the end of the foreclosure process, once all the notices have been sent and published and the trial is over, a public auction is held to dispose of the property. This is usually called a sheriff’s sale or trustee’s sale, and is the event during foreclosure where the borrowers’ ownership interest is transferred to the buyer at auction. But sheriff’s sales don’t always go well, and homeowners may need to find out whether or not their home sold.

Website design By BotEap.comFor example, if the lender canceled the scheduled sale for whatever reason, homeowners may believe their property was sold under them when, in fact, they still own it. Banks cancel auctions for a variety of reasons, from failing to conduct an inspection, to waiting for an appraisal, to a response through a request for more time from the borrowers themselves.

Website design By BotEap.comAnother factor that can cause a foreclosure sale to be scheduled but not confirmed is if a third party bids on the home, wins the auction, but is unable to pay the purchase price. If this is the case, the property may need to be put up for auction again, in the hope of finding a more willing and able buyer. However, if this happens, homeowners may not even know that the first auction didn’t count, as they assume the house was sold and paid for.

Website design By BotEap.comThat’s why, after a sheriff’s sale, it’s important for homeowners to make sure their home was actually sold and properly confirmed by the county. If the property did not sell, borrowers can continue to live in their home until a valid auction is held. This can take an additional two to three months to schedule, perform and confirm, and owners can use all this time to save more money.

Website design By BotEap.comThere are several ways to find out if a property has been sold or if an auction has been confirmed. Possibly the easiest way is for homeowners to call the county recorder’s office or clerk’s office and ask them to provide information on who currently owns the property, as well as any current liens on the property. . If the bank bought it, there will most likely be no liens, but if a third party took out a loan to buy it, there may be a new mortgage affecting the deed.

Website design By BotEap.comThis would be the easiest way to determine the status of the sheriff’s sale, as all records affecting the property are maintained by the county in which the property is located. If the foreclosure went through but there was a problem with the sale, they will be able to give the owners that information, while the court will be able to tell them if a new auction has already been scheduled.

Website design By BotEap.comBut if documents showing a transfer of ownership have not been filed, the house may need to be auctioned off again at a later date. Especially if it is a few months after the scheduled auction and no documents showing a transfer of title have been submitted, it may indicate that the sheriff’s sale was not valid. This can be for any of the reasons listed above, but especially if the highest bidder was unable to pay, the house may be put up for auction again.

Website design By BotEap.comIn the meantime, the original owners may still have legal possession and ownership rights to the property, just as they did during the foreclosure process. Under many state foreclosure laws, it is the confirmation of the sale that ultimately transfers the property to the highest bidder at auction; If that has not been done in a particular case, borrowers can still own the property for now.