Sheriff's Sale Problem for the Legal Eagles! - Posted by Tim Jensen


#1

Posted by phil fernandez on October 25, 1998 at 20:31:55:

Hi Tim,

I haven’t been to very many sheriff sales, but the ones I have been to have started on time. The time that was posted in the paper.

I have been a regular at other real estate auctions.
Never seen what you are talking about happen. At one auction the auctioneer did say that he was taking bids in one thousand dollar increments. That did not stop me from bidding the property up by $500 increments. The auctioneer didn’t get upset with me, but the other bidder did. I stopped the auction at that point by asking the objecting other bidder who was holding the auction, himself or the auctioneer. Everybody had a good laugh and the other bidder got the property. Thank you , he can have it at that price.


#2

Sheriff’s Sale Problem for the Legal Eagles! - Posted by Tim Jensen

Posted by Tim Jensen on October 25, 1998 at 17:33:46:

To All,

This is a reposting of a earlier message.

I live in Illinois and went to a sheriff’s sale on Friday. The sale was held by a private company, not the sheriff. This is common in IL.

Anyways, the sale was supposed to start at noon, but the auctioneer waited til 12:15 so that one of the bidders (he had an interest in the place it was his son’s) could wait for their attorney to arrive. They already had one with them. I protested and said that I wanted the sale to be held now. The auctioneer told me that we were going to wait.

Then just as the sale started, the auctioneer informed us that we could only bid in incruments of $1000. I question him on that and he told me that he had the right to make that stipulation. I have been to other sheriff’s sales and this has never happened. The legal notice in the paper only said that the place was to be sold to the hightest bidder.

What gives? Can the auctioneer leggally make the bidders bid in incruments of $1000. Also, did he have the right to postpone the sale until a bidder’s attorney got there?

Thanks,

Tim


#3

Re: Sheriff’s Sale Problem for the Legal Eagles! - Posted by Tim

Posted by Tim on October 25, 1998 at 22:50:24:

I can relate to your frustrations. I have experienced similar problems in the Sheriff’s sales in Ohio, ie attorneys not showing up at the sale on time or wanting to vacate the sale after the auction for some reasons etc. My attemps to fight this irregularity did not result in my favor. I got burned afew times, learned how the system works and accepted the way it works.