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A foreclosure is a property owned by a bank (typically) who seized a home due to an unpaid debt and a sheriff sale is property seized due to a legal action. Similar, but not quite the same. I believe a Sheriff sale does not guarantee clear title for real estate.
In my area if you buy a sheriff sale property, you are responsible for researching any and all liens, judgments and outstanding mortgages, in addition to any others who hold a financial interest in said property. Sometimes family or a business partner owns a part.
The tax office at your local court house should be able to direct you to where you need to go to find this information. That house on a few country acres may sound great at 10K, but do your research first.
It varies state by state. In Maryland a Sheriff's Sale (actually run by the County Treasurer) is held in the Spring for unpaid taxes. And it literally is on "the Courthouse steps" with an auction format.
A foreclosure sale for an unpaid mortgage is held in the Courtroom in front of a Judge. And even that is more a paperwork exercise.
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Originally Posted by North Beach Person
It varies state by state. In Maryland a Sheriff's Sale (actually run by the County Treasurer) is held in the Spring for unpaid taxes. And it literally is on "the Courthouse steps" with an auction format.
A foreclosure sale for an unpaid mortgage is held in the Courtroom in front of a Judge. And even that is more a paperwork exercise.
It does vary by state. A foreclosure in most states out west are not held in front of a judge.
In Texas, with a Sheriff's sale, the original owner can come back and claim the house within 2 years as long as he pays the taxes. I'm sure there's other stuff going on also, but I always caution people because they might have to live on pins and needles for 2 years.
This is Texas:
"Some jurisdictions allow for a post-sale "redemption period," whereby the former owner has a specified amount of time to reclaim the property by repaying the amount bid at auction plus a penalty. For example, Texas allows a 6-month (for non-homestead, non-agricultural properties) or two-year period (homestead or agricultural properties), with a flat 25% penalty to be added to the amount paid at the sale (50% after the first year)"
A foreclosure is a property owned by a bank (typically) who seized a home due to an unpaid debt and a sheriff sale is property seized due to a legal action.
Not necessarily. As others have pointed out, it varies from state to state. In some areas a Sheriff's sale can be any type of court-ordered sale, from mortgage foreclosures to tax foreclosures.
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