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Re: Sheriff Sale Price

Posted by Bill H on March 25, 2007 at 20:30:37:

In Reply to: Sheriff Sale Price posted by Rob on March 25, 2007 at 18:44:46:

There is no initial listing price..the opening bid will be for the amount you owe on the foreclosing lien plus the costs, Atty fees, late payments, etc., to cover the cost of the sale.

Here is not an average discount...the opening bid will be whatever the foreclosing lender is owed.

If, and there seldom is, any overage, then after all junior liens (Those behind the foreclosing line) are satisfied the overage will be repaid to you.

You will lose ownership of the house the moment the sheriff or auctioneer says SOLD and will have whatever time the state of NJ sets for you to vacate the property.

Your best bet would be to market the house aggressively and try and recoup some of the quity BEFORE the sale.

Good Luck,
Bill H

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