He explained that he knew the auctioneer, and, if I failed to return, the property would be re-auctioned. The Legal B Gazettes are available free online at www.gpwonline.co.za. Sheriff Sales (Mortgage Foreclosures) occur every Friday at 10:00 AM unless it is a holiday, if there is a holiday, there will not be an auction that day. We had some savings, but didn’t qualify for a mortgage bond much over R1 million. The room fell silent and all eyes turned to the auctioneer. What surprised me was the number of properties auctioned each month. The following conditions are generally specified: – Deposit: Typically, a deposit of 10 percent of the purchase price must be paid immediately to the sheriff. I watched the discussions taking place around me. No matter how financially attractive a property may be, if it is occupied by the owner and you don’t know the owner’s circumstances – for example, whether he or she has a place to stay and will move out once the property has been sold at auction – it could be a long time before you take possession of your property. At a minimum, the notices include a description of the property and its street address, any improvements to the property, the name of the plaintiff (usually the foreclosing bank), the name of the defendant, the case number, the date and time of the auction, the address where the auction will be held, the name and address of the plaintiff’s attorneys, and the address of the sheriff. I know this is fairly high in the context of average residential property rental yields in Johannesburg, but, apart from my house, the all the properties I’ve purchased at sheriffs’ auctions have been one-bedroom units. Gain access to the very latest sheriff auction listings week after week. Often, a listing includes the address, but not the suburb in which the property is located, so you have to look up the address to find out which area it is in. The judgment debt (the amount the owner owed to the bank) was R1.4 million. Description of the Tax Sale Escrow Program, which lets people request that a tax-delinquent property be sold at a sheriff sale. In my experience, you need at least a week to research whether a property is an attractive proposition. A number of websites provide details of sheriffs’ auctions. House Bill 390 Changes beginning with the November 21, 2016 Sheriff's Sale. By participating in the auction over the phone, you can decide whether to bid above the ceiling. The only option was to withdraw R100 000 in cash and carry it with me on the morning of the auction. 3. The auction began in earnest, but it was not conducted in the way I expected. Why it’s important to find out whether a property is occupied. All auctions are listed on the Durham County Sheriff's Office's website. The chatter in the room stopped and all eyes turned to the auctioneer. www.SheriffHQ.co.za provides up to date & accurate listings of Sheriff auctions countrywide. I would have to put down a deposit of 10 percent and pay the sheriff’s commission. Select a county below and start searching. Also known as sheriff’s sales, laws regarding sheriff’s auctions differ by state. One person in particular seemed to be very active – a tall, heavy-set man wearing purple shoes with curled tips that reminded me of the shoes worn by court jesters in the Middle Ages. Then, after gazing around the room with what I hoped would come across as a look of desperation, I raised my hand and bid R670 000. A little trick I’ve learnt is to find out the details of the defendant. In other words, I use a rental yield of 15 percent to determine the initial maximum bid price. A sheriff's sale is similar to a normal foreclosure auction. If you’re interested in properties in a specific area, you can ask the sheriff for that area to put you on his or her mailing list. At R780 000, the jester sank back into the audience, and I once again thought I had clinched the property. You will have an edge over the buying consortiums, because they are looking for properties they can flip at a profit, and will not be prepared to bid as high as someone who wants to buy a home. You will need someone to bid on your behalf if you aren’t free to attend auctions during the week. I also ask my friend to find out on which floor the unit is situated. They may ask you to send them a copy of the signed purchase agreement. Banks and lenders need to therefore sell them through other means. (The yield is the gross annual rental income on a fully let property expressed as a percentage of the purchase price of the property.). SA Sheriff's goal is to provide you with the ultimate online solution of acquiring valuable information regarding dates on sales in execution. Many properties across the United States are bought at Sheriff auctions for considerably less than their market value – sometimes 30-50 percent! Why would the person who bowed out at R670 000 step back in at R780 000 and push the bidding to R891 000? If the property is in the Eastern Cape or the Western Cape, I ask a family member or friend to bid on my behalf. Gauteng. How can I learn about more auctions? Each property is listed in a Legal B Gazette, which is published every Friday. Sheriff-HQ. Some sheriffs may conduct their auctions as a group like we do (Sheriff Halfway House, Randburg West and Sandton South). All rights reserved, Please visit the official Government information portal for Coronavirus by clicking HERE. * Property websites. If the property is in a complex, I ask my friend to drop by on a Saturday morning and ask the security guards whether the unit is occupied. If no one raises the bid at the oral auction you will have purchased the property. When the bidding on the first property was nearing its conclusion, the chatter died down until only the competing bidders could be heard. It also has a property valuation tool, and you can view the information about a property contained in the Legal B Gazette. Once I have calculated the maximum bid price, I subtract the sheriff’s fees, the outstanding levies and rates and an estimate of the cost of repairs, to arrive at a revised maximum bid price. For example, if the estimated annual rent is R60 000, the initial maximum bid price will be R400 000. At R600 000, only three of us were bidding; at R660 000, two. The first unit I bought at a sheriff’s auction had a yield of 19.6 percent on the hammer price, and an after-costs yield of 12.5 percent. Often, a vacant property will be in poor condition. It also has a search function that enables you, for example, to search by type of property (sectional title, smallholding, vacant land, and so on) and number of bedrooms. You may need longer where a property is in another province. * A description of the property (the physical address, the erf number, the size of the property, and so on). Foreclosure.com offers the most up-to-date and accurate searchable database of REO homes in America. An auction is designed for a lender to quickly get its money back from the loan. He then announced that he was selling samoosas for R2.50 each. To calculate your maximum bid price, you must subtract the cost of the unit and all the associated costs from the estimated selling price, including the margin you aim to achieve. The property is then auctioned off at a sale to the highest bidder at a publicly announced date, time and place required by state statutes. Then “the jester” strode forward and shouted: “Stop the auction! PLACE: The north entrance of the Grant County Courthouse. I then test the revised maximum bid price against: * The market value of the property as determined by an online valuation tool. My girlfriend and I were thrilled that we had bought our first home for R895 000. These include MyRoof (www.myroof.co.za), which also has information about bank-repossessed properties and bank-mandated sales (where an owner gives a bank a mandate to sell a property on his or her behalf), and Private Property (www.privateproperty.co.za). The jester held a discussion in heated whispers with three or four members of the audience before bidding R671 000. Fundamental to my maximum bid price is the rent the property is likely to earn and the monthly levies and municipal rates and tariffs I will have to pay. * This article is an extract from Greg Tarrant’s guide, Sheriff Auctions: How to Purchase Property at Sheriff Auction & Tax Tips and Tricks for Residential Property Owners, which is available from amazon.com in Kindle format for US$4.55. This is important, because, apart from the size of the unit and the number of bedrooms and bathrooms, the floor on which the unit is located will have an impact on the value of the property. Something was wrong. The important thing is not to become distracted by these activities. The first Live auction will be on 18 August 2020 at 11h00 and will be conducted as follows: a. Sheriffs auctions are the means to satisfy a money judgment out of the personal or real property of the judgment debtor, to protect the value of perishable property under levy by converting it to cash, or to enforce a lien against property under foreclosure proceedings. Talk to the people there and find out whether any of them represents a bank or a consortium (they will normally refer to themselves as “private investors”) that wants to buy the property in which you are interested, so that you know who you will be bidding against. This meant that each auction took longer to complete than would typically be the case. * The amenities in the complex – for example, a swimming pool, tennis court or gym. Sometimes the guards will allow you to enter the grounds. What follows is the method I use to buy properties at sheriffs’ auctions. Chaos erupted. East London King Williams Town Mthata Port Elizabeth Queenstown ... Bloemfontein Harrismith Reitz Sasolburg Vrede Welkom. * Where the property is located. I reasoned that a canny criminal might mug me, so I left it in the car. The rental yield is not relevant. If you establish that the property is occupied by a tenant, you must establish the terms and conditions of the lease, and whether the tenant can be relied on to pay the rent. What you must do if your bid is successful. Property and Houses for sale in Standard Bank Sheriff Auctions. 1. If you track down the managing agent, he or she should be able to provide you with a vital piece of information: the outstanding levies, which will become the liability of the purchaser. DATE/TIME: All Sheriff Sales are conducted at 9:00 a.m. on the first and third Tuesdays of the month. In this case, I feel more comfortable with approaching the occupant and telling him or her that I intend to bid on the property, and if my bid is successful, that I would like him or her to stay on. The most convenient way to search for sheriffs’ auctions is to use one of the sheriffs’ listings websites. Location: City County Building - Public Assembly Room T230 . The Court House is located at 1000 Main St., Cincinnati, OH 45202. The property was vacant – the owner had absconded to Australia, leaving a trail of debts. Initially, I focused on Aucor and Auction Alliance auctions. Find the Sheriff Auctions near you. ***Until further notice all foreclosure sales will be held at the Tulsa County Courthouse in B11 Jury Pool Room. I decided on this yield more by accident than design. The second major risk that I want to mitigate is being saddled with having to carry out expensive maintenance and renovations. Someone, presumably a representative of the transferring attorneys, called out the outstanding rates and utility charges. Auctions The Sheriff under statutory authority may sell a judgment debtor’s right, title, or interest in the personal or real property to satisfy a court awarded judgment. In most cases, if the defendant is a company or close corporation, the property will be tenanted. These reports contain a wealth of information, for example: * An estimate of a property’s lowest, median and highest value; * Registered transfers – when a property was last sold, for how much it was sold, and whether any mortgage bonds are registered over the property; * Comparative information on the most recent sales of units in a sectional title scheme, as well as in neighbouring schemes; * The average selling price and the total number of sales in a suburb; and. I resolved to make one last bid for R895 000. The Sheriff’s Office sends out updates on cancellations and bid amounts when available. If it does not, search for a unit for sale or rent in the complex and phone the estate agent who posted the listing. The auctioneer read out the details of the first property. Foreclosure.com offers everything you need to know. The bidding started at R1 000 and quickly esca-lated to R10 000 before someone piped up with a bid of R500 000. Sales are held in the County Commissioners hearing room on the 10th floor of the County Administration building located at 451 W. – The sheriff’s fee, which must be paid immediately. Instead, the prices of units sold recently in the development are a key indicator of the price the unit is likely to fetch. It is the final stage in the foreclosure process, which begins when the homeowner fails to make timely mortgage payments. Your next step is to secure your property. You may find that another method works better. Very often, the agent will be able to provide you with the name and contact details of the managing agent, as well as other information about the property. The first is to complete and sign the purchase agreement, called the “conditions of sale in execution of immovable property”. How to avoid properties that need costly repairs and maintenance. But shortly after we moved in, a suspicion that I had witnessed some devious goings-on at the auction were confirmed. In the areas in which we were interested, about six properties a month were going under the hammer. Then contact the owner to see if they are open to making a deal. It can be difficult to find out whether a property is occupied when you do not live nearby. The bidding continued until I no longer had to feign discomfort. The agreements to which I have been party provide that occupational interest will be paid to the sheriff if the property is not registered within one month of the date of sale. If I have a friend who lives nearby, I ask him or her to drive past the house in the evening and check whether any lights are on, or to stop by on a Saturday morning and check whether there is a car in the driveway, or any other sign of an occupant. My bank was prepared to issue a cheque for a guaranteed amount, but not a blank cheque guaranteed up to a certain amount. Properties that have been foreclosed by lenders often are then sold at sales presided over by local sheriffs. It’s not always wise to take tenants at their word, so you should ask them, or the rental agent, for a copy of the lease. Although it may be tempting, or necessary, to bid above your maximum price to secure a property, you should be careful not to become carried away. The list is sent periodically as a mass email and not individually. Something else that surprised me was that the bidding started with an offer of R1 000 and grew in increments of R1 000. It dawned on me that I was witnessing a pre-auction of sorts. If the garden had been in better nick, I estimated the market value would have been R1.2 million. These companies charge a percentage of the cost of the property if it is secured at auction – typically in the region of 10 percent. The properties were expensive. If you are interested in buying a property at a sheriff’s auction, I recommend that, before you bid, you attend one or two auctions to get a feel for the process. At the time, I thought this was because of the global financial crisis, but the numbers remain high to this day. The auctions are well attended, and, to ensure a steady flow of mandates, auction houses know that the properties have to fetch reasonable prices. Important Auction Information. Based on what we could afford, I decided I would bid up to R900 000. Bear in mind that market dynamics differ from province to province and from suburb to suburb. A parcel may also end up at a sheriff’s auction because the owner did not pay their property taxes and a tax lien is put on the house. 130 West Maple Street, Lancaster, WI GENERAL TERMS: All property is sold 'AS IS' and not available for viewing. It was only later that I realised that he and his colleagues had pushed up the price to put me off the house. 2 story brick stand alone Condo Home with 3,022 SF plus 1,024 SF fin. After viewing show houses religiously every Sunday, we realised that we couldn’t afford anything reasonable. We visited every property listed in the areas in which we were interested, and, after about six months, my girlfriend and I found a house that we felt suited us. The weekly Sheriff’s sale is conducted every Thursday at 11:00 a.m. outside of Room 260 at the Hamilton County Court House. Setting a maximum bid price ensures that you will secure a property that will provide you with an adequate return for the risk you are taking. No one paid any attention. My first sheriff’s auction was a bitter-sweet experience. * The conditions of payment. I was interested to follow the first three auctions closely to see who was bidding and what the properties went for. We make searching easier. Some sheriffs will simply email you a list of the properties on auction, whereas others have their own websites that provide additional information about the properties – though, generally not more than is in the Legal B Gazettes. Once I have these figures, I calculate the initial maximum bid price by dividing the annual estimated rent by 15 percent. Check the Website for any updates or sale … Continue reading "Property Auctions" How much you are prepared to bid depends on why you want to buy the property. Sheriff's auctions of real estate differ from usual auctions conducted by real estate agents/licensed auctioneers. Do your homework on the property in which you’re interested and decide on the maximum amount that you’re prepared to bid. If I find any, I phone the estate agents and ask if they would arrange for me to have access. Always remember that you buy the property strictly "as is" at a Sheriff auction! At worst, you will have to go to court to have the owner evicted, which is an expensive and time-consuming process. People were negotiating on which properties they were going to bid. Together, this would amount to R100 000. SheriffHQ™ Auction Listings Hundreds of bargain properties listed weekly. It was as if the auctioneer wasn’t there. These sales offer first-time homebuyers and experienced investors great opportunities to save – and make – money in the real estate market. Once you know that a property is occupied, you need to find out whether the occupier is the owner or a tenant. Due to the COVID-19 Restrictions and limited seating, only bidders will be allowed in B11 Jury Pool Room and only one bidder from each company will be allowed. Prospective bidders should refer to California Code of Civil Procedure (CCP) §701.510 to 701.680 for provisions governing the terms, conditions and effect of the sale and the liability of defaulting bidders. This will prevent anyone else, including the former owner, from gaining access to the property. One way to ascertain the age of a sectional title development is to look at its scheme number, which begins with “SS”. A list of auctions are also posted on the first floor of the Durham County courthouse. In highly sought-after areas, where there is significantly less risk (that is, high-value suburbs and new developments where the unit is unoccupied), you need to use a lower yield to calculate the maximum bid price. Once the creditor has obtained an order, the debtor’s moveable or immovable property may be attached by the sheriff and sold to the highest bidder to settle the debt. We are your ultimate source for bargain properties. If the hammer falls on your bid, you need to attend to a number of things before you can celebrate your purchase. An example is PropIQ (www.propiq.co.za). You can find these sales by reading newspaper notices prior to the auction date, looking for publicly posted notices, or searching other public places in the county where the real estate is located. Both cost R95 a month, although SheriffHQ provides limited access at no cost. It is important that you know what these amounts are before you bid and factor them into your maximum bid price, because they can be substantial. I find that a combination of approaches usually works. Steps away from the golf course at Muirfield Village. Real Auction's terms must be met to be eligible to participate in the Sheriff's Sale. As I left the warehouse, some people followed me outside. The sheriff in the area is the best place to start, although, in my experience, they provide the least information. I strained to hear the auctioneer, but eventually gave up. Often, the sheriff will notify you of the properties to be auctioned just a few days before the day on which the auction is held. Brough to you by SA Sheriff. Instead of the auctioneer acknowledging bids and calling them out, the bidders faced one another and called out their bids themselves. * The age and attractiveness of the complex. basement. The final maximum bid price is generally a result of the revised bid price and subjective judgment based on the above factors. SAsheriff lists sheriffs’ auctions by province and suburb. You will have to visit the municipality and settle the outstanding rates and other charges of the previous owner. It is based on my experience and on what I perceive to be a fair return for the work involved and the risks taken. In addition, I provide her with documentation for Fica purposes – for example, a copy of my identity book and of my latest municipal account. 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