* 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. 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. For this reason, I buy sectional title properties without gardens or swimming pools in relatively new developments. The auctioneer peered at me suspiciously. The simplest and most effective are www.sasheriff.co.za and www.sheriffhq.co.za. This time, quite quickly, he called out: “Going once, going twice, sold!”. In order to bid on my behalf, the agent requires a power of attorney (you can find a template online), which includes my full name, identity number and residential address and confirms that the agent has my authority to bid on my behalf at auction on the particular unit up to a specified amount. SheriffHQ is more sophisticated than SAsheriff, because you can set up email alerts whenever a property is listed for auction in a particular suburb. The important thing is not to become distracted by these activities. – The sheriff’s fee, which must be paid immediately. Sheriff's sale date: March 19, 2021. 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. This stunned the audience momentarily before the bidding continued in tranches of R1 000. My bank was prepared to issue a cheque for a guaranteed amount, but not a blank cheque guaranteed up to a certain amount. 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. Once you know that a property is occupied, you need to find out whether the occupier is the owner or a tenant. 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. If the property is in the Eastern Cape or the Western Cape, I ask a family member or friend to bid on my behalf. It’s important that you stipulate the maximum amount the agent may bid and emphasise this amount in the covering email. The properties were expensive. By the time the fourth property came up, I had decided to bid aggressively from the start. 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. Instead of the auctioneer acknowledging bids and calling them out, the bidders faced one another and called out their bids themselves. I was thoroughly irritated. These companies charge a percentage of the cost of the property if it is secured at auction – typically in the region of 10 percent. If it is a free-standing home, it’s as simple as driving past in the evening and checking whether the lights are on. 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. Instead, the prices of units sold recently in the development are a key indicator of the price the unit is likely to fetch. Here we distinguish between a voluntary auction, bank auction, sheriff auctions as well as property in possession, with everything you need to know to prepare you for buying a house at an auction. As I left the warehouse, some people followed me outside. You will not be able to acquire every one for which you bid, because, for example, some people will perceive value where you do not. I was interested to follow the first three auctions closely to see who was bidding and what the properties went for. Terms of Sales ... Online Sheriff Sale - List of properties scheduled for Sheriff Sale and auction site. In early 2008, my mounting frustration at not being able to buy drove me to look at the distressed property market. Some sheriffs may conduct their auctions as a group like we do (Sheriff Halfway House, Randburg West and Sandton South). Here are 5 tips for buying property at an auction. A Sheriff's auction is conducted by a Sheriff's officer, not a real estate agent or auctioneer. How to bid if you cannot attend the auction. Generally speaking, well-cared for developments are properly managed and are in a reasonable-to-strong financial position. 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. Many of these sites are not subscription-based, so you can draw a report for a relatively small fee. Some complexes have security guards at the gate who know the residents’ comings and goings and whether any of the units are unoccupied. Initially, I focused on Aucor and Auction Alliance auctions. 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. 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. 2 story brick stand alone Condo Home with 3,022 SF plus 1,024 SF fin. The following conditions are generally specified: – Deposit: Typically, a deposit of 10 percent of the purchase price must be paid immediately to the sheriff. The property is offered for sale shall be subject to all liens, mortgages, easements, and encumbrances, which were or became effective on the record prior to the levy of the execution under which the sale is being held. ... however cannot be at the oral auction you may place a written bid for the property. Many properties across the United States are bought at Sheriff auctions for considerably less than their market value – sometimes 30-50 percent! 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 auction was held in a small corner of a seedy warehouse in Pinetown. A number of websites provide details of sheriffs’ auctions. If the property is in a complex, you may have to arrange for the locksmith to be granted entry. Property Address 8736 Dunsinane Drive Dublin Delaware County OH, 43017 Auction Location Online Description Bidding starts at $360,000. (The yield is the gross annual rental income on a fully let property expressed as a percentage of the purchase price of the property.). SheriffHQ™ Auction Listings Hundreds of bargain properties listed weekly. Another tip is to ask the person bidding on your behalf to phone you when the bidding is about to start. Once I have these figures, I calculate the initial maximum bid price by dividing the annual estimated rent by 15 percent. 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. A separate gazette is published for each province. Sales are held in the County Commissioners hearing room on the 10th floor of the County Administration building located at 451 W. Large complexes often have caretakers who can tell you whether or not a unit is vacant. It was around this time that my attention turned to sheriffs’ auctions. The proceeds from the sale are used to pay mortgage lenders, banks, tax … At the time, I thought this was because of the global financial crisis, but the numbers remain high to this day. I decided on this yield more by accident than design. Check the Website for any updates or sale … Continue reading "Property Auctions" Banks and lenders need to therefore sell them through other means. The list is sent periodically as a mass email and not individually. Finding out whether a property is occupied, and if it is, by whom, is the most important and difficult part of researching a property. 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. By law, all sheriffs’ auctions must be gazetted. On more than one occasion, the estate agent has put me in contact with the tenant or owner. A little trick I’ve learnt is to find out the details of the defendant. I hesitated over whether I should carry the cash with me or leave it in the boot of the car. Always remember that you buy the property strictly "as is" at a Sheriff auction! The Sheriff’s Office sends out updates on cancellations and bid amounts when available. In my experience, I acquire one in every five properties on which I 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. * A description of the property (the physical address, the erf number, the size of the property, and so on). If the agent attends the auction, but doesn’t secure the property, I pay her R1 000 for her efforts. Why would the person who bowed out at R670 000 step back in at R780 000 and push the bidding to R891 000? Another potential source of information is a managing agent. 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. Foreclosure.com offers everything you need to know. I find that a combination of approaches usually works. Save your home from mortgage and tax foreclosure Resources to avoid losing your home through foreclosure in Philadelphia. Stop the auction!” The auctioneer glanced around uneasily, but made no attempt to address the disruption. 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. * Where the property is located. By now, there were about 40 people in attendance and everyone was talking. 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. SA Sheriff's goal is to provide you with the ultimate online solution of acquiring valuable information regarding dates on sales in execution. 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. A sheriff’s sale is a public auction at which property that has been defaulted on is repossessed. Also known as sheriff’s sales, laws regarding sheriff’s auctions differ by state. It would be done, for example, in different sessions and in a rotational order. 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. In other words, I use a rental yield of 15 percent to determine the initial maximum bid price. Clearly, a yield of 15 percent will not work for every property, and you may lose out on acquiring properties if you stick to this yield rigidly. Is it conveniently located close to transport links, shopping centres, schools and hospitals? 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. How to avoid properties that need costly repairs and maintenance. The Court House is located at 1000 Main St., Cincinnati, OH 45202. All rights reserved, Please visit the official Government information portal for Coronavirus by clicking HERE. It seemed that my persistence had unnerved them, although it cost me another R200 000. For example, if the estimated annual rent is R60 000, the initial maximum bid price will be R400 000. 7 November, 2019 19 December, 2019 16 January, 2020 6 February, 2020 27 February, 2020 19 March, 2020 9 April, 2020 30 April, 2020 21 May, 2020 Sheriff Sale Vs. Foreclosure. In 2006, my girlfriend and I decided to buy a house. Gauteng. After viewing show houses religiously every Sunday, we realised that we couldn’t afford anything reasonable. When only one bidder remained, the auctioneer uttered: “Going once … going twice … sold.”. I didn’t want to give him the impression that I was prepared to go much higher, so at R665 000 I grimaced and feigned a look of concern. 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. To avoid this problem, I do not bid on owner-occupied properties. 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. If it is occupied, the caretaker may be able to tell you by whom and may be prepared to provide you with their contact details. 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. The first is to complete and sign the purchase agreement, called the “conditions of sale in execution of immovable property”. Bear in mind that this method is not infallible, because a complex may convert to sectional title many years after it was built. I reasoned that a canny criminal might mug me, so I left it in the car. What you must do if your bid is successful. Foreclosure.com offers the most up-to-date and accurate searchable database of REO homes in America. View photos and floor plans of 9 properties for sale including Houses, complexes, farms, vacant land and simplexes. Arrive early on the day of auction. One person who was part of the jester’s crowd pulled me aside and said I must leave. 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. Something else that surprised me was that the bidding started with an offer of R1 000 and grew in increments of R1 000. It is based on my experience and on what I perceive to be a fair return for the work involved and the risks taken. 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. How much you are prepared to bid depends on why you want to buy the property. 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. I lied about the cheque, because I did not want to draw attention to the fact that I was carrying R100 000 in cash. Both cost R95 a month, although SheriffHQ provides limited access at no cost. One way to ascertain the age of a sectional title development is to look at its scheme number, which begins with “SS”. 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. 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. 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. PLACE: The north entrance of the Grant County Courthouse. Tax sales are the first Thursday of every month at 10:00 AM. – 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 rules of the auction required that payment was made in cash or by bank-guaranteed cheque. You can choose to have these listings sent directly to your email inbox, or just access them online any time you want. Only a few times did anyone increase the leading bid by more than R1 000. The property was vacant – the owner had absconded to Australia, leaving a trail of debts. You'll need to first locate a home that has been issued a notice of default. If you’re planning to buy a house at an auction there are a few things you should note. 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. * 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. The sense I got from attending these auctions was that bargains are rare. It was a three-bedroom, two-bathroom property on a half-acre in Hillcrest in KwaZulu-Natal. This can be a substantial sum – if you secure a property for R1 million, the fee will be R114 000 (including VAT). * The age and attractiveness of the complex. Story and a half 1,260 SF 3 bed, 1.5 bath cute home with big rear deck, full… There are two types of property offered for sale: • Those for non-payment of the property taxes (auditor’s book/page/parcel) • Those for mortgage foreclosure. In addition, I provide her with documentation for Fica purposes – for example, a copy of my identity book and of my latest municipal account. 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. The agreement will stipulate which methods of payment are acceptable (for example, bank-guaranteed cheque or electronic funds transfer). East London King Williams Town Mthata Port Elizabeth Queenstown ... Bloemfontein Harrismith Reitz Sasolburg Vrede Welkom. 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. It is the final stage in the foreclosure process, which begins when the homeowner fails to make timely mortgage payments. The only option was to withdraw R100 000 in cash and carry it with me on the morning of the auction. An example is PropIQ (www.propiq.co.za). It dawned on me that I was witnessing a pre-auction of sorts. Chaos erupted. Publication. The simplest and most effective are www.sasheriff.co.za and www.sheriffhq.co.za. A sheriff's sale is similar to a normal foreclosure auction. I bid aggressively in increments of R5 000. I phoned the sheriff’s office and asked whether it would accept an electronic funds transfer, but it flatly refused. As with many vacant properties, the garden was a mess. FOR MORE INFORMATION PLEASE CONTACT: Corne Oosthuisen or Sonja Mew Tel : 087 330 1074 or 083 726 9672 E-mail address : [email protected] or [email protected] In the areas in which we were interested, about six properties a month were going under the hammer. 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. You will need someone to bid on your behalf if you aren’t free to attend auctions during the week. Often, a vacant property will be in poor condition. Steps away from the golf course at Muirfield Village. You may have to have the water and electricity supply restored. 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. I resolved to make one last bid for R895 000. Wading through the Government Gazettes can be time-consuming. 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. Sheriff-HQ. The house on which I was bidding was fourth on a list of 10 properties. 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. 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. People were negotiating on which properties they were going to bid. You may find that another method works better. Properties that have been foreclosed by lenders often are then sold at sales presided over by local sheriffs. I watched the discussions taking place around me. Sheriff's sales are usually the last step in the house foreclosure process. 3. If you want to flip the property for a profit, you need to consider your desired profit after settling all costs. 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