Thursday, November 03, 2011

Sherriff sales do they sell for market value or a deep discount?

I had a question about a Sherriff sale and thought I would share my answer
with you.

The question was:


Hi Mark

Can you tell me please if you are familiar with the properties that are sold
by the Sheriff when he home owners lose out to banks or credit card
companies in hard times.

Typically do such properties go for market value or is there a possibility
that they can be had for a steep discount.

Many Thanks

H.



My answer was:

This is a good question. A Sherriff sale is almost always sealed bidding,
so not too many details are known, except final winning bidder price.
Typically a Sherriff's sale will attract people from all over the area or
province.

If it's in a city, my understanding from speaking with people who have
attended recent Sherriff sales is that the properties sell for about what
they are worth, meaning at or near market value. Sherriff sales are
typically properties that are inaccessible, have structural, mould, fire or
other major problems or that the land is unusable because it is swamp or
inaccessible by road or any other type of major impairment that affects
market value.

If the Sherriff sale is for a 'regular' city type of property, as long as it
does not have any major deficiencies, then it will likely sell for about
market value. I would recommend that you attend a Sherriff sale to see the
dynamics and familiarize yourself with the process and to get a feel for
what happens at the sale.

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
BUS 905-828-3434
FAX 905-828-2829 CELL 416-520-1577
mark@mississauga4sale.com
Mississauga4Sale.com

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