* Contact the local sheriff. At this point, the man who I assumed was working for the bank stepped forward and pushed up the bidding until it reached R891 000. I was thoroughly irritated. PLACE: The north entrance of the Grant County Courthouse. Gauteng. Then “the jester” strode forward and shouted: “Stop the auction! 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. Sheriff's sales are usually the last step in the house foreclosure process. It seemed that my persistence had unnerved them, although it cost me another R200 000. I have seen this at other sheriffs’ auctions, although it has never been as blatant as it was at my first auction in Durban. As I left the warehouse, some people followed me outside. Unlâ¦ So I have used 15 percent as a starting point. I hesitated over whether I should carry the cash with me or leave it in the boot of the car. If the property is unoccupied, I recommend you have a locksmith change all the locks. A Sheriff's auction does not operate under the Sale of Land Act 1962 and there is no requirement to provide a vendor's statement under section 32 of the Sale of Land Act. What you must do if your bid is successful. 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. You'll need to first locate a home that has been issued a notice of default. A property can not be inspected prior to auction as the Sheriff does not obtain possession of a property as part of the sale process. The rules of the auction required that payment was made in cash or by bank-guaranteed cheque. In early 2008, my mounting frustration at not being able to buy drove me to look at the distressed property market. The house on which I was bidding was fourth on a list of 10 properties. © 2020 Independent Online and affiliated companies. Something else that surprised me was that the bidding started with an offer of R1 000 and grew in increments of R1 000. I strained to hear the auctioneer, but eventually gave up. You will have to open a new account in your name and pay a deposit. You may request to be added to this list. I also ask my friend to find out on which floor the unit is situated. It's called a Sheriff auction because in some states, the Sheriff manages, conducts and holds these foreclosure sales. * The amenities in the complex – for example, a swimming pool, tennis court or gym. * 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. The most convenient way to search for sheriffsâ auctions is to use one of the sheriffsâ listings websites. Select a county below and start searching. You will need someone to bid on your behalf if you aren’t free to attend auctions during the week. Check the Website for any updates or sale â¦ Continue reading "Property Auctions" Save your home from mortgage and tax foreclosure Resources to avoid losing your home through foreclosure in Philadelphia. If the house has an alarm system, it is worthwhile contacting the security company and having the alarm reactivated. Here are 5 tips for buying property at an auction. Foreclosure.com offers everything you need to know. 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. By the time the fourth property came up, I had decided to bid aggressively from the start. There are other things to look out for, which you can learn about on Foreclosure.com. Often, the agents know the complex well, or can put me in touch with a member of the body corporate who can assist. Here are some of my sleuthing tips: Finding out whether or not a property is occupied is relatively easy if you live close to it. The judgment debt (the amount the owner owed to the bank) was R1.4 million. You might have to do some sleuthing to find out the name, but, in some cases, a Google search using the name of the complex will suffice. People were negotiating on which properties they were going to bid. – Liability for costs and outstanding municipal and body corporate charges: The purchaser is liable for all outstanding rates and taxes and other amounts due to the municipality or body corporate. The second major risk that I want to mitigate is being saddled with having to carry out expensive maintenance and renovations. I reasoned that a canny criminal might mug me, so I left it in the car. The only option was to withdraw R100 000 in cash and carry it with me on the morning of the auction. In my experience, I acquire one in every five properties on which I bid. If the property is in the Eastern Cape or the Western Cape, I ask a family member or friend to bid on my behalf. Many properties across the United States are bought at Sheriff auctions for considerably less than their market value – sometimes 30-50 percent! It seemed that someone understood better than I what had happened. The property is also subject to all liens and encumbrances. Chaos erupted. Generally speaking, well-cared for developments are properly managed and are in a reasonable-to-strong financial position. The auctioneer peered at me suspiciously. * The cash flow generated after subtracting the monthly mortgage bond repayments (assuming a deposit of 10 percent), the levy, municipal rates and the agent’s fees. They may ask you to send them a copy of the signed purchase agreement. What follows is the method I use to buy properties at sheriffs’ auctions. Brough to you by SA Sheriff. 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. 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. It is based on my experience and on what I perceive to be a fair return for the work involved and the risks taken. SheriffHQâ¢ Auction Listings Hundreds of bargain properties listed weekly. My first sheriff’s auction was a bitter-sweet experience. 2. The property was vacant – the owner had absconded to Australia, leaving a trail of debts. Whoever won the bid would leave without honouring it, forcing the property to be re-auctioned, by which time, they hoped I would have long since left. The bidding continued until I no longer had to feign discomfort. 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. It dawned on me that I was witnessing a pre-auction of sorts. If you intend to bid on a property, you must bring to the auction a certified check in the amount of the opening bid or your bid will not be accepted. In the case of a freestanding property, you may want a technician to service the gate motor and reprogram the remotes. But shortly after we moved in, a suspicion that I had witnessed some devious goings-on at the auction were confirmed. Sometimes the guards will allow you to enter the grounds. Sheriff Property Auction in Brits on 2020/01/27 09:00 in Brits. Some sheriffs may conduct their auctions as a group like we do (Sheriff Halfway House, Randburg West and Sandton South). Sheriff's auctions of real estate differ from usual auctions conducted by real estate agents/licensed auctioneers. It’s important that you stipulate the maximum amount the agent may bid and emphasise this amount in the covering email. A little trick I’ve learnt is to find out the details of the defendant. Finding out whether a property is occupied, and if it is, by whom, is the most important and difficult part of researching a property. The rental yield is not relevant. In most cases, if the defendant is a company or close corporation, the property will be tenanted. His eyes swept the room before he said: “Going once … going twice …” My heart leapt and I felt giddy as I realised that I was about to buy the property for R670 000. How can I learn about more auctions? I also ask the tenant for the letting agent’s contact details, so I can verify what the tenant has told me about the terms of the lease. In my experience, you need at least a week to research whether a property is an attractive proposition. It’s important to factor in all costs, because any oversight will reduce your expected profit. The first Live auction will be on 18 August 2020 at 11h00 and will be conducted as follows: a. 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. Sheriff Halfway House Movables Auction 19/10/2020 (#40) 19/10/2020 11:00 PM SAST CLOSED View all lots. In addition, I provide her with documentation for Fica purposes – for example, a copy of my identity book and of my latest municipal account. If you want to flip the property for a profit, you need to consider your desired profit after settling all costs. House Bill 390 Changes beginning with the November 21, 2016 Sheriff's Sale. Arrive early on the day of auction. That means it's critical that you view and inspect the property before making an offer. Real Auction's terms must be met to be eligible to participate in the Sheriff's Sale. Another tip is to ask the person bidding on your behalf to phone you when the bidding is about to start. The auction was held in a small corner of a seedy warehouse in Pinetown. Only a few times did anyone increase the leading bid by more than R1 000. View photos and floor plans of 9 properties for sale including Houses, complexes, farms, vacant land and simplexes. Your next step is to secure your property. 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. You can choose to have these listings sent directly to your email inbox, or just access them online any time you want. Gain access to the very latest sheriff auction listings week after week. As with many vacant properties, the garden was a mess. You may find that another method works better. SA Sheriff's goal is to provide you with the ultimate online solution of acquiring valuable information regarding dates on sales in execution. When someone fails to pay a debt, the creditor may seek a judgment order from the courts. If the agent attends the auction, but doesn’t secure the property, I pay her R1 000 for her efforts. Sheriff's sale date: March 19, 2021. I then test the revised maximum bid price against: * The market value of the property as determined by an online valuation tool. On one or two occasions, the agent has told me that I missed out on property, because the ceiling I had stipulated was slightly too low. 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. Once you know that a property is occupied, you need to find out whether the occupier is the owner or a tenant. * The trustees of the body corporate, who are often keen to ensure that the property will reach the highest possible price at auction, so that the body corporate can recover any outstanding levies. 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. This meant that each auction took longer to complete than would typically be the case. This stunned the audience momentarily before the bidding continued in tranches of R1 000. 44K likes. When the bidding on the first property was nearing its conclusion, the chatter died down until only the competing bidders could be heard. Someone, presumably a representative of the transferring attorneys, called out the outstanding rates and utility charges. She told me that, if it had not been for the shenanigans at the auction, we could have picked up the property for R670 000. By law, all sheriffs’ auctions must be gazetted. Find the Sheriff Auctions near you. How to bid if you cannot attend the auction. Why would the person who bowed out at R670 000 step back in at R780 000 and push the bidding to R891 000? 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. An auction is designed for a lender to quickly get its money back from the loan. 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. 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. It's called a Sheriff auction because in some states, the Sheriff manages, conducts and holds these foreclosure sales. I was interested to follow the first three auctions closely to see who was bidding and what the properties went for. Wading through the Government Gazettes can be time-consuming. At worst, you will have to go to court to have the owner evicted, which is an expensive and time-consuming process. It was around this time that my attention turned to sheriffs’ auctions. It is the final stage in the foreclosure process, which begins when the homeowner fails to make timely mortgage payments. Bear in mind that market dynamics differ from province to province and from suburb to suburb. At R600 000, only three of us were bidding; at R660 000, two. 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 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. You will have to visit the municipality and settle the outstanding rates and other charges of the previous owner. This will prevent anyone else, including the former owner, from gaining access to the property. 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. He then announced that he was selling samoosas for R2.50 each. The Court House is located at 1000 Main St., Cincinnati, OH 45202. The most convenient way to search for sheriffs’ auctions is to use one of the sheriffs’ listings websites. Sales are held in the County Commissioners hearing room on the 10th floor of the County Administration building located at 451 W. Important Auction Information. An example is PropIQ (www.propiq.co.za). In other words, I use a rental yield of 15 percent to determine the initial maximum bid price. It was only later that I realised that he and his colleagues had pushed up the price to put me off the house. basement. Then contact the owner to see if they are open to making a deal. 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. The website of the South African Board for Sheriffs (www.sheriffs.org.za) lists the contact details of all the sheriffs by province and magisterial district. The proceeds from the sale are used to pay mortgage lenders, banks, tax â¦ A sheriff's sale is similar to a normal foreclosure auction. By now, there were about 40 people in attendance and everyone was talking. Sheriff Sale Vs. Foreclosure. If youâre planning to buy a house at an auction there are a few things you should note. * Property websites. There are two types of property offered for sale: â¢ Those for non-payment of the property taxes (auditorâs book/page/parcel) â¢ Those for mortgage foreclosure. The Sheriff Sale process creates opportunities for buyers to bid on repossessed foreclosure homes at auctions and other sales for deep discounts. This article was first published in the fourth quarter 2016 edition of Personal Finance magazine. At the time, I thought this was because of the global financial crisis, but the numbers remain high to this day. I watched the discussions taking place around me. The list is sent periodically as a mass email and not individually. If none of the above works, I search online for units in the complex that have been listed for sale or rent in the recent past. By participating in the auction over the phone, you can decide whether to bid above the ceiling. When only one bidder remained, the auctioneer uttered: “Going once … going twice … sold.”. Both cost R95 a month, although SheriffHQ provides limited access at no cost. * The attractiveness of the surrounding area. A number of websites provide details of sheriffs’ auctions. 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 lied about the cheque, because I did not want to draw attention to the fact that I was carrying R100 000 in cash. Do your homework on the property in which you’re interested and decide on the maximum amount that you’re prepared to bid. A separate gazette is published for each province. – Bank finance and occupational interest: A bank guarantee (if a bank will finance the purchase) needs to be provided to the sheriff within 21 days of the auction. The important thing is not to become distracted by these activities. If a homeowner defaults on his or her mortgage, meaning that he or she can't make payments on time, a lender or government agency will foreclose on the property. I bid aggressively in increments of R5 000. We had some savings, but didn’t qualify for a mortgage bond much over R1 million. The first is to complete and sign the purchase agreement, called the “conditions of sale in execution of immovable property”. If the garden had been in better nick, I estimated the market value would have been R1.2 million. It can be difficult to find out whether a property is occupied when you do not live nearby. It was as if the auctioneer wasn’t there. 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. A man arrived with a box of samoosas, announced that he was the auctioneer and said the auction would begin in a few minutes. Bidding starts at $28,000. Over and above the transfer duty, you have to pay buyer’s commission, which can be as much as 10 percent (excluding VAT) of the winning bid. Sheriff-HQ. On more than one occasion, the estate agent has put me in contact with the tenant or owner. The agreement will stipulate which methods of payment are acceptable (for example, bank-guaranteed cheque or electronic funds transfer). For this reason, I buy sectional title properties without gardens or swimming pools in relatively new developments. FOR MORE INFORMATION PLEASE CONTACT: Corne Oosthuisen or Sonja Mew Tel : 087 330 1074 or 083 726 9672 E-mail address : firstname.lastname@example.org or email@example.com After some pleading and negotiating, he agreed, but cautioned that the property would be re-auctioned if I failed to appear in 10 minutes. I got chatting to our new neighbour, an estate agent, who, it transpired, had been at the same auction. Learn how to capitalize on great deals at Sheriff auctions. Bear in mind that this method is not infallible, because a complex may convert to sectional title many years after it was built. The auction began in earnest, but it was not conducted in the way I expected. Eventually, the auctioneer had sold all his samoosas and got the proceedings under way by reading out the rules of the auction. The sense I got from attending these auctions was that bargains are rare. Auctions Property seized by Sheriff's officers, such as vehicles, are sold at public auctions at venues across Victoria and online. It also has a property valuation tool, and you can view the information about a property contained in the Legal B Gazette. All auctions are listed on the Durham County Sheriff's Office's website. If you’re considering buying properties in another town or province, it may prove difficult to find someone who can attend auctions on your behalf regularly. A parcel may also end up at a sheriffâs auction because the owner did not pay their property taxes and a tax lien is put on the house. I find that a combination of approaches usually works. What surprised me was the number of properties auctioned each month. If the property is tenanted, she also earns a once-off fee of 10 percent of the annual rent if she secures a new lease with the existing tenant. I headed straight for the auctioneer and explained that I needed to fetch my bank-guaranteed cheque from the car. Together, this would amount to R100 000. Foreclosure.com also boasts an award-winning interface that is easy to use and navigate. Many of these sites are not subscription-based, so you can draw a report for a relatively small fee. Terms of Sales ... Online Sheriff Sale - List of properties scheduled for Sheriff Sale and auction site. I would have to put down a deposit of 10 percent and pay the sheriff’s commission. This time, quite quickly, he called out: “Going once, going twice, sold!”. I prefer to do the sums myself and use an agent when the property is in Gauteng, because I don’t have a close friend or family member who lives there and has the freedom to attend auctions regularly. Large complexes often have caretakers who can tell you whether or not a unit is vacant. 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). 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. At R780 000, the jester sank back into the audience, and I once again thought I had clinched the property. SA Sheriff Auction Listings. The proceeds of the sale of seized goods are used to pay off the debt incurred (the original amount plus enforcement related costs) by the owner. Auctions The Sheriff under statutory authority may sell a judgment debtorâs right, title, or interest in the personal or real property to satisfy a court awarded judgment. One person who was part of the jester’s crowd pulled me aside and said I must leave. He would pick it up for R200 000 less and split the difference with me. Most tenants are relieved that the prospective owner wants them to stay on, but some try to improve their lot by saying they are paying a lower rent than they actually are. 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. If it is a free-standing home, it’s as simple as driving past in the evening and checking whether the lights are on. ... however cannot be at the oral auction you may place a written bid for the property. He explained that he knew the auctioneer, and, if I failed to return, the property would be re-auctioned. 130 West Maple Street, Lancaster, WI GENERAL TERMS: All property is sold 'AS IS' and not available for viewing. This requires some real detective work. * Sheriffs’ listings. If the property is in a complex, you may have to arrange for the locksmith to be granted entry. These sales offer first-time homebuyers and experienced investors great opportunities to save – and make – money in the real estate market. 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. Publication. Things are a little more difficult if the property is situated in a complex. The “pre-auction” I had witnessed were buying consortiums trying to allocate the properties among themselves so that competing bids would not drive up the prices. 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. How to find properties that are coming up for auction. Every day, you can search more than 1.8 million foreclosure, preforeclosure, bankruptcy, FSBO and tax lien listings across the United States conveniently in one place. 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