It is a good idea to attend one or two sales before you begin bidding to witness the process and get a feel for the procedure.
Any person interested in purchasing property during a Foreclosure Sale is encouraged to thoroughly review the court files and/or the official records at the Clerk’s Office to determine if there are any outstanding liens or encumbrances existing against the property in question, other than the loan being foreclosed. The Court Clerk’s in the Circuit Civil Department cannot determine for you whether a lien will survive the foreclosure. If the property is sold to someone other than the plaintiff, the bidder will be required to produce a good faith deposit immediately.
The balance of the bid amount must be paid by 2:00 pm on the day of the sale, unless otherwise stated in the Final Judgment. If the balance is not paid within the prescribed time period, the deposit will be forfeited, the sale re-advertised and sold again. The balance due will include a court registry fee, which is 3% of the first $500 plus 1.5% of the balance of the bid amount and state documentary stamp tax at 70 cents per $100.00. The balance may be paid in the form of cash, cashier’s check or money order .
A Certificate of Disbursement is issued by the Clerk of Circuit Court to the Certificate of Title, if applicable.
Cancellation of Sale