All properties sold at Sheriff's Auctions are advertised in local newspapers for four consecutive weeks prior to the auction. In some counties, there is a backlog of cases, which delay the advertisement for more than 1 year.

At the time of this publication, most of the residential properties will be occupied by the Defendants. They are the legal owner of the real estate until the property is sold at the sheriff's weekly auction! Legally, until the actual auction takes place and title is passed, the property is still owned by the defendant (property owner). The plaintiff (lender) who is bringing the legal action (foreclosure) cannot negotiate, prior to the auction, on behalf of the borrower, (defendant) unless authorized to do so. For this reason, do not contact the plaintiff or their attorney, until you have completed all your research & secured proper financing. DO NOT, under any circumstances, trespass on the property!

The Plaintiff can, with sound reason, postpone many times. The Sheriff can allow a total of two adjournments. Therefore, it is a good idea to call the County Sheriff's Office, just prior to the sale, to determine if the property you are interested in was postponed or the debt was satisfied. Remember, if and when you contact the County Sheriff's Office for information regarding the scheduled sale, the clerk is only referring to sales that are presently being advertised.

The property is sold to the highest bidder (absolute). There are no "sealed bid" type sales. All sales are the "open" type. The Sheriff requires a minimum and subsequent bids of $100.00 or more. All fees and costs are paid out of this bid. The successful bidder is required to post a deposit of 20% of the total bid price. The bid deposit must be a certified check, bank check, money order or cash. The deposit is required immediately following the signing of the Conditions of Sale. The balance of the winning bid is due and payable within 30 days. Interest is charged after the 10th days at 3.5% annualized interest. Each County and Plaintiff have different requirements for extension of final payment. If the purchaser is in need of more time to secure financing or other legal remedies, the Attorney for the Plaintiff can grant additional time.

The successful bidder may take possession of the Sheriff's deed after the 10-Day Redemption Period and upon payment of the balance of their bid. Consult with an independent title company to upgrade deed. The Defendant can redeem the property up to 10 days after the Sheriff's sale. If the property purchased is occupied, it is the responsibility of the purchaser to obtain a Writ of Possession to have the occupants removed.

NewJerseyPreForeclosures.com strongly suggests foreclosure investors and bidders find competent legal representation, title searchers and obtain financing before bidding at the County Sheriff's sale.

The information contained above is a combination of bidding rules and regulations of the 21 County Sheriff's Departments and should in no way be construed as legal advice. There is no accurate way of telling if the foreclosure listings published in NewJerseyPreForeclosures.com are first or second mortgages, US Government or superior liens. Readers must research the liens at the appropriate county hall of records.