Live Auction Bid Representation
How It Works:
1. As a registered member, you must win the bid in our pre-bid auction against other members to have an experience SheriffSale.com representative bid for your selected properties at the live auction.
2. Once your bid is acknowledged as the winning bid, you will be contacted to provide SheriffSale.com with the 10 percent deposit plus the $125.00 bid representation fee to bid on any of your selected three properties for up to three sales. At this point you have a number of options: (A) You can obtain cashier of bank checks of varying amounts to represent your 10 percent deposit. (Example: For a bid of $80,000, we may recommend that you submit these check in the following amounts: One for $4,000 and three for $1,000 and two for $500.00. This gives our bidder the opportunity to obtain the property for a lower winning and a matching 10 percent deposit.Â If the bid is won for $45,000 we should just use the $4,000 and $500.00 cashier of bank check.) (B) Deposits can also be made in cash or wire.Â The bidding rep will discuss those options and time frames with you.
If you win the bid, there will be an addtional $125.00 processing fee. This fee is only charged for winning bids. Shortly after the auction is completed your bidding representative will notify you of the results. If you are the winning bidder at the live auction, the rep will make arrangements to send you the receipt for the required winning bid 10 percent deposit made with the Philadelphia Sheriff's Office. The receipt is need when you settle on a property by remitting the required 90% within 30 days. (SheriffSale.com also offers settlement services. Ask your rep for more information.)
If we are unsuccessful in winning the bid on a property for you at your selected auction, members have two options.Â 1. Members can have all the funds returned to them within five business days with the exception of the $125.00 representation fee.Â 2. Members can elect to have SheriffSale.com hold the funds or to resubmit the returned funds to bid on their properties at future sales if the property was postponed at no additional cost for up to two more sales.Â Your experience bid representative will contact you after the auction to inform you of the outcome and to discuss your options.
What You Should Know.
Conditions of Sheriff's Sales For the City Of Philadelphia
Ten percent of the highest bid for each property auctioned off shall be deposited in certified check, attorneyâ€™s check or money order with the Sheriff by each bidder when his bid is registered, provided that in no case shall less than Six Hundred Dollars ($600.00) be deposited, otherwise upon failure or refusal to make such deposit, the bidder shall lose all benefit of his bid and the property may be immediately offered again and sold unless a second bid has been registered, then, the second bidder will take the property at the highest bid price.
Additionally, where there is active bidding, the highest bidder, and the second bidder, if any must post the entire amount of the cost of the distribution policy for the property at the time of sale by cash, certified check, attorney's check or money order with the Sheriff.
BIDDING CONDITIONS FOR THE SHERIFFâ€™S SALE
From the opening bid to $20,000.00 you must bid $100.00 more than the previous bid. From $20,000.00 to $50,000.00 you must bid $500.00 more than the previous bid. From $50,000.00 to $100,000.00 you must bid $1,000.00 more than the previous bid. And from $100,000.00 and above you must bid $5,000.00 more than the previous bid.
The balance of the purchase money must be deposited in certified check, attorneyâ€™s check or money order together with a Deed poll for execution by the highest bidder to the Sheriff at his office within 30 days from the time of the sale. An extension of time for an additional 30 days may be granted at the discretion of the Sheriff upon receipt of written request from the buyer requesting the same, except when a second bidder has been duly registered. Also, if the first bidder does not complete settlement with the Sheriff within the thirty (30) day time limit and a second bid was registered at the sale, the second bidder shall be granted the same thirty (30) day time limit to make settlement with the Sheriff on his second bid. Thereafter, the Sheriff shall be at liberty to return the writ to court.
A second bid must be registered on any property immediately after it is sold. The second bidder must present the same amount of deposit that the highest bidder delivers to the Sheriff at the sale. An extension of time under no circumstances will be granted or honored by the Sheriff whenever a second bid is registered on a property at the sale.
The first bid or opening bid on each property shall be a sum sufficient to pay all Sheriffâ€™s costs including advertising, all taxes, water rents and municipal claims due to the City of Philadelphia. If there is no other bid price above the opening bid price, the property shall be sold by the auctioneer to the attorney on the writ at that price.
The deposit by any bidder who fails to comply with the above conditions of sale shall be forfeited and the funds will be applied to the Sheriffâ€™s cost, then to any municipal claims that the City of Philadelphia has on the property. Finally, if a balance still remains, a Sheriffâ€™s Distribution Policy will be ordered and the money will be distributed accordingly.
No personal checks, drafts or promises to pay will be accepted in lieu of cash, certified checks, attorneyâ€™s checks or money orders made payable to the Sheriff of Philadelphia County.
The Sheriff reserves the right to grant further extensions of time to settle and further reserves the right to refuse bids from bidders who have failed to enter deposits on their bids, failed to make settlement, or make fraudulent bids, or any other behavior which causes disruption of the Sheriff Sale. Said bidders shall be so refused for the sale in which said behavior occurred and for said further period of time as the Sheriff in his discretion shall determine.
The Sheriff will not acknowledge a deed poll to any individual or entity using an unregistered fictitious name and may, at his discretion, require proof of identity of the purchaser or the registration of fictitious names. The bid of an unregistered fictitious name shall be forfeited as if the bidder failed to meet the terms of sale.
All bidders are advised to remain at the sale until after the last property is sold. The Sheriff reserves the right to re-sell any property at any time before the end of the sale, upon the successful bidders' failure to tender the required deposit. The Sheriff reserves the right to postpone or stay the sale of any property in which the attorney on the writ has not appeared and is not present at the sale.
IMPORTANT: Notice of owner's Right of Redemption after a Tax Delinquent Sale
Even if you win a bid on a Tax Sale property, within nine months of the acknowledgement of the deed, the owner of record can go to court and get permission to recover the property by paying all back taxes and the money paid by the winning bidder plus 10 percent. This is called the Right of Redemption. Therefore, if you purchase an occupied property through Delinquent Tax Sheriff's Sale and invest funds to make improvements to the property other than those needed to preserve the property with the first nine months, beware that those funds can be lost. The right of Redemption is only applicable if the property scheduled for Tax Sale is determined to be owner occupied 90 days prior to the sale. If the property is unoccupied or abandoned, there is no Right of Redemption.
The Right of Redemption does not apply to any property sold at the Mortgage Foreclosure Sheriff's Sale. One way to protect yourself is to contact the City's Department of Licenses and Inspections to determine what outstanding code violations, if any, exist in the property.
Any work done to correct these violations must be reimbursed to you if the original owner reclaims the property during the Right of Redemption period. Therefore, make sure you get and keep detailed and accurate receipts for code related renovations.
What should you do before you bid
Do Your Research on SheriffSale.com. Our property research provides members with easy access to all the research tools used by a professional investor. You have the ability to look and embeded Google street views and to click on links to check court records, city records, L&I reports and property values 24/7 from anywere you have access to the internet.
Take a close look. It is strongly recommended that persons planning to bid at the sales make a site visit to the property prior to the sale. Many persons have bidded on vacant lots thinking that they were bidding on a property containing residential structures. The City is not authorized to permit or arrange for entry into properties listed for sheriff's sales.
Talk To Neighbors. The Sheriff is not authorized to permit or arrange for entry into properties so follow these steps to get a better idea of the conditions of the property. (A) If the property is occupied, than talk to neighbors to find out if they are aware of any problems. if the property is vacant than take a closer look at the outside structure. (B) It is also worthwhile to obtain from the City's Department Of Lincense and Inspections (L&I) a list of uncorrected code violations which L&I. SheriffSale.com members can access this L&I report easily on line through the property research panel. This information is also availableat L&I's permit Issurance Unit, located on the concourse level of the Municipal Service Building. A notioce of violations will be provided free of charge, as well as information on existing zoning, electrical or building code violations.have defined for the property.
Consider the rehab costs. While there are some bargains to be had at Sheriff's Sales, potential bidders, especially those seeking residential properties, should be aware that the condition of properties may vary widely. It is also important to know that City loans and grants for income eligible owner occupants are available for Sheriff's Sale properties only after the Right of Redemption period has expired. The City has set this policy to ensure that its limited resources do not benefit original owners.
In order to buy a property from any tax sale, you must be tax compliant. Proof of compliance must be provided at the time of final settlement. You can print a certificate of compliance by visiting the website of the City Revenue Department. Once at the site, you will have to accept the terms of the website, then choose "Sheriff Sale" as the compliance type. You will then need to enter the name and tax id number of the person or entity purchasing the property. If the person or entity is tax compliant, you will have an opportunity to print out a compliance certificate. Print this certificate out and bring it with you when you pay final balance of sale.
Make sure you have a form of government issued identification. You will need to present this ID at the sale in order to bid.