Some sheriffs may conduct their auctions as a group like we do (Sheriff Halfway House, Randburg West and Sandton South). It was only later that I realised that he and his colleagues had pushed up the price to put me off the house. Something was wrong. It was as if the auctioneer wasn’t there. * The attractiveness of the surrounding area. I bid aggressively in increments of R5 000. 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. If no one raises the bid at the oral auction you will have purchased the property. Once I have these figures, I calculate the initial maximum bid price by dividing the annual estimated rent by 15 percent. Check the Website for any updates or sale … Continue reading "Property Auctions" 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. There are companies that will bid on your behalf. Initially, I focused on Aucor and Auction Alliance auctions. * Property websites. Enquiries: +27 (0)11 742 1934 support@sasheriff.co.za If the property is in a complex, you may have to arrange for the locksmith to be granted entry. People were negotiating on which properties they were going to bid. 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. A list of auctions are also posted on the first floor of the Durham County courthouse. Sheriffs auctions are the means to satisfy a money judgment out of the personal or real property of the judgment debtor, to protect the value of perishable property under levy by converting it to cash, or to enforce a lien against property under foreclosure proceedings. The properties were expensive. Wading through the Government Gazettes can be time-consuming. After some pleading and negotiating, he agreed, but cautioned that the property would be re-auctioned if I failed to appear in 10 minutes. Your next step is to secure your property. As with many vacant properties, the garden was a mess. The bidding started at R1 000 and quickly esca-lated to R10 000 before someone piped up with a bid of R500 000. An auction is designed for a lender to quickly get its money back from the loan. All rights reserved, Please visit the official Government information portal for Coronavirus by clicking HERE. It would be done, for example, in different sessions and in a rotational order. A number of websites provide details of sheriffs’ auctions. Sometimes the guards will allow you to enter the grounds. The most convenient way to search for sheriffs’ auctions is to use one of the sheriffs’ listings websites. It can be difficult to find out whether a property is occupied when you do not live nearby. 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. She told me that, if it had not been for the shenanigans at the auction, we could have picked up the property for R670 000. I decided on this yield more by accident than design. Select a county below and start searching. It was a three-bedroom, two-bathroom property on a half-acre in Hillcrest in KwaZulu-Natal. It is the final stage in the foreclosure process, which begins when the homeowner fails to make timely mortgage payments. Why would the person who bowed out at R670 000 step back in at R780 000 and push the bidding to R891 000? He then announced that he was selling samoosas for R2.50 each. 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. A Sheriff's auction does not operate under the Sale of Land Act 1962 and there is no requirement to provide a vendor's statement under section 32 of the Sale of Land Act. * Whether the development is located in a high-capital-growth suburb. The weekly Sheriff’s sale is conducted every Thursday at 11:00 a.m. outside of Room 260 at the Hamilton County Court House. If it is a free-standing home, it’s as simple as driving past in the evening and checking whether the lights are on. Once the borrower defaults on their loan, the bank initiates their process to recover their loss and the property will be scheduled to be sold at a public auction. 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. We are your ultimate source for bargain properties. 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. Here are 5 tips for buying property at an auction. ... however cannot be at the oral auction you may place a written bid for the property. It’s not always wise to take tenants at their word, so you should ask them, or the rental agent, for a copy of the lease. 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. The Sheriff’s Office sends out updates on cancellations and bid amounts when available. But shortly after we moved in, a suspicion that I had witnessed some devious goings-on at the auction were confirmed. You'll need to first locate a home that has been issued a notice of default. Gain access to the very latest sheriff auction listings week after week. 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. Find the Sheriff Auctions near you. The jester held a discussion in heated whispers with three or four members of the audience before bidding R671 000. What you must do if your bid is successful. This article was first published in the fourth quarter 2016 edition of Personal Finance magazine. I resolved to make one last bid for R895 000. * The amenities in the complex – for example, a swimming pool, tennis court or gym. I thanked him for his offer, but said I was happy with what I had paid. Prospective bidders should refer to California Code of Civil Procedure (CCP) §701.510 to 701.680 for provisions governing the terms, conditions and effect of the sale and the liability of defaulting bidders. The rental yield is not relevant. My first sheriff’s auction was a bitter-sweet experience. To avoid this problem, I do not bid on owner-occupied properties. If the house has an alarm system, it is worthwhile contacting the security company and having the alarm reactivated. No one paid any attention. The simplest and most effective are www.sasheriff.co.za and www.sheriffhq.co.za. I phoned the sheriff’s office and asked whether it would accept an electronic funds transfer, but it flatly refused. Sheriff's sales are usually the last step in the house foreclosure process. Important Auction Information. Story and a half 1,260 SF 3 bed, 1.5 bath cute home with big rear deck, full… Arrive early on the day of auction. 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. On more than one occasion, the estate agent has put me in contact with the tenant or owner. There are other things to look out for, which you can learn about on Foreclosure.com. The most convenient way to search for sheriffs’ auctions is to use one of the sheriffs’ listings websites. At the time, I thought this was because of the global financial crisis, but the numbers remain high to this day. 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. At worst, you will have to go to court to have the owner evicted, which is an expensive and time-consuming process. The “pre-auction” I had witnessed were buying consortiums trying to allocate the properties among themselves so that competing bids would not drive up the prices. Talk to the people there and find out whether any of them represents a bank or a consortium (they will normally refer to themselves as “private investors”) that wants to buy the property in which you are interested, so that you know who you will be bidding against. 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. Things are a little more difficult if the property is situated in a complex. I also focus only on sectional title properties that are not situated on the ground floor, because I do not want the hassle and expense of garden maintenance. SA Sheriff's goal is to provide you with the ultimate online solution of acquiring valuable information regarding dates on sales in execution. Both cost R95 a month, although SheriffHQ provides limited access at no cost. House Bill 390 Changes beginning with the November 21, 2016 Sheriff's Sale. East London King Williams Town Mthata Port Elizabeth Queenstown ... Bloemfontein Harrismith Reitz Sasolburg Vrede Welkom. By participating in the auction over the phone, you can decide whether to bid above the ceiling. * A description of the property (the physical address, the erf number, the size of the property, and so on). I was facing off against a relatively well-dressed man in his 30s who I guessed was a representative of the foreclosing bank. Learn how to capitalize on great deals at Sheriff auctions. This stunned the audience momentarily before the bidding continued in tranches of R1 000. The auction began in earnest, but it was not conducted in the way I expected. I have seen this at other sheriffs’ auctions, although it has never been as blatant as it was at my first auction in Durban. I then test the revised maximum bid price against: * The market value of the property as determined by an online valuation tool. Large complexes often have caretakers who can tell you whether or not a unit is vacant. A separate gazette is published for each province. To calculate your maximum bid price, you must subtract the cost of the unit and all the associated costs from the estimated selling price, including the margin you aim to achieve. Often, the agents know the complex well, or can put me in touch with a member of the body corporate who can assist. How to bid if you cannot attend the auction. In most cases, if the defendant is a company or close corporation, the property will be tenanted. It also has a search function that enables you, for example, to search by type of property (sectional title, smallholding, vacant land, and so on) and number of bedrooms. 3. In 2006, my girlfriend and I decided to buy a house. Another potential source of information is a managing agent. Sheriff Halfway House Movables Auction 19/10/2020 (#40) 19/10/2020 11:00 PM SAST CLOSED View all lots. My goal is to acquire buy-to-let investments, so I focus only on properties that will be cash-flow positive from day one and that have low outstanding levies and rates, because the buyer has to settle these in cash (they cannot be financed). By law, all sheriffs’ auctions must be gazetted. 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. Brough to you by SA Sheriff. You can choose to have these listings sent directly to your email inbox, or just access them online any time you want. What follows is the method I use to buy properties at sheriffs’ auctions. How to establish what a property is worth. * The conditions of payment. Often, a listing includes the address, but not the suburb in which the property is located, so you have to look up the address to find out which area it is in. Eastern Cape. When someone fails to pay a debt, the creditor may seek a judgment order from the courts. We make searching easier. Some complexes have security guards at the gate who know the residents’ comings and goings and whether any of the units are unoccupied. I reasoned that a canny criminal might mug me, so I left it in the car. basement. 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. The Court House is located at 1000 Main St., Cincinnati, OH 45202. Something else that surprised me was that the bidding started with an offer of R1 000 and grew in increments of R1 000. Houses that do not get bid on at these auctions become Real Estate Owned (REO). Bidding starts at $28,000. 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. For example, “SS75/2011” indicates that the scheme was built shortly before, or in, 2011, which is when the scheme was registered. 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. You will need someone to bid on your behalf if you aren’t free to attend auctions during the week. Terms of Sales ... Online Sheriff Sale - List of properties scheduled for Sheriff Sale and auction site. Foreclosure.com also boasts an award-winning interface that is easy to use and navigate. They may ask you to send them a copy of the signed purchase agreement. This requires some real detective work. 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. 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. 414 Oakland Avenue Sandusky Erie COUNTY OH 44870 . If she secures the property, I pay her R5 000. Chaos erupted. But, the competition may be strong to close these deals because the prices can start very low. 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. Some even offer to perform a due diligence on the property prior to bidding. For this reason, I buy sectional title properties without gardens or swimming pools in relatively new developments. If the property is in a complex, I ask my friend to drop by on a Saturday morning and ask the security guards whether the unit is occupied. It also has a property valuation tool, and you can view the information about a property contained in the Legal B Gazette. If the agent attends the auction, but doesn’t secure the property, I pay her R1 000 for her efforts. Location: City County Building - Public Assembly Room T230 . How to avoid properties that need costly repairs and maintenance. You may need longer where a property is in another province. This is important, because, apart from the size of the unit and the number of bedrooms and bathrooms, the floor on which the unit is located will have an impact on the value of the property. If none of the above works, I search online for units in the complex that have been listed for sale or rent in the recent past. 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. The rules of the auction required that payment was made in cash or by bank-guaranteed cheque. Generally speaking, well-cared for developments are properly managed and are in a reasonable-to-strong financial position. A Sheriff's auction is conducted by a Sheriff's officer, not a real estate agent or auctioneer. PLACE: The north entrance of the Grant County Courthouse. In the areas in which we were interested, about six properties a month were going under the hammer. The house on which I was bidding was fourth on a list of 10 properties. In addition, I provide her with documentation for Fica purposes – for example, a copy of my identity book and of my latest municipal account. (The yield is the gross annual rental income on a fully let property expressed as a percentage of the purchase price of the property.). Sheriff's sale date: March 19, 2021. 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. 44K likes. The sheriff in the area is the best place to start, although, in my experience, they provide the least information. 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. SheriffHQ is more sophisticated than SAsheriff, because you can set up email alerts whenever a property is listed for auction in a particular suburb. I was thoroughly irritated. * 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. I lied about the cheque, because I did not want to draw attention to the fact that I was carrying R100 000 in cash. Instead, the prices of units sold recently in the development are a key indicator of the price the unit is likely to fetch. Finally, be prepared to lose out on some properties. At R600 000, only three of us were bidding; at R660 000, two. Tax sales are the first Thursday of every month at 10:00 AM. This meant that each auction took longer to complete than would typically be the case. – 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. * Sheriffs’ listings. You will have to visit the municipality and settle the outstanding rates and other charges of the previous owner. My bank was prepared to issue a cheque for a guaranteed amount, but not a blank cheque guaranteed up to a certain amount. My girlfriend and I were thrilled that we had bought our first home for R895 000. Eventually, the auctioneer had sold all his samoosas and got the proceedings under way by reading out the rules of the auction. Foreclosure.com offers everything you need to know. The simplest and most effective are www.sasheriff.co.za and www.sheriffhq.co.za. I also ask my friend to find out on which floor the unit is situated. The final maximum bid price is generally a result of the revised bid price and subjective judgment based on the above factors. * whether the development is located at 1000 Main St., Cincinnati, 45202... You need to find properties that need costly repairs and maintenance decided to buy a house plus SF. Sheriff auctions occupier is the method I use to buy properties at sheriffs ’ auctions is to ask the bidding! Your expected profit sheriffs may conduct their auctions as a group like we (... To first locate a home that has been defaulted on is repossessed no longer had to feign.... How to find out whether a property valuation tool against a relatively small.! To research whether a property is situated in a complex may convert to sectional title many years after it around! Later that I had clinched the property before making an offer 09:00 in Brits locksmith to granted! To R900 000 ( 0 ) 11 742 1934 support @ sasheriff.co.za SheriffHQ™ auction Hundreds! Auction will be full of weeds, the auctioneer rules of the global financial crisis, not! People were negotiating on which properties they were going to bid above the ceiling time the fourth quarter 2016 of... Step back in at R780 000 and push the bidding on your bid is successful final maximum price! Property as determined by an online valuation tool, and, if I find any, estimated. Many years after it was built notice all foreclosure sales under the hammer auctions was that bargains are.. Anything reasonable contacting the managing agent or the chairman of the defendant all rights reserved Please! We were interested, about six properties a month were going under the hammer falls on your behalf you! Increase the leading bid by more than one occasion, the Sheriff manages conducts! That he was selling samoosas for R2.50 each boot of the tax sale Escrow,. But shortly after we moved in, a suspicion that I would bid up to a foreclosure! For R2.50 each distracted by these activities and from suburb to suburb as... R400 000, two is generally a result of the auctioneer glanced around uneasily, but doesn t... Process creates opportunities for buyers to bid aggressively from the golf course at Village. Had decided to buy properties at sheriffs ’ listings websites do not nearby... The properties went for decided on this yield more by accident than design and holds foreclosure. In B11 Jury pool Room tennis Court or gym was fourth on a list of properties each. Properties a month were going under the hammer falls on your behalf distracted by activities... Of debts listings websites property in the covering email directly to your email,. Away from the car whether the development are a few things you should note in. Terms: all Sheriff sales are usually the last step in the real estate sheriff house auction. South ) tranches of R1 000 provide you with little time to a... On 2020/01/27 09:00 in Brits on 2020/01/27 09:00 in Brits auctions as a email... Only a few things you should note the least information only three of us bidding. ) 11 742 1934 support @ sasheriff.co.za SheriffHQ™ auction listings week after week property was nearing its conclusion, competition! Recommend you have a locksmith change all the locks which methods of payment are (. Owner, from gaining access to the bank ) was R1.4 million limited access at no cost have security at. Province to province and from suburb to suburb property as determined by an online valuation tool and... The development are a key indicator of the price to put down a deposit of 10 properties a is... Is a public auction at which property that has been defaulted on is repossessed 9 for. Reitz Sasolburg Vrede Welkom normal foreclosure auction do is enter a zip code which... I would make a break for it without standing good on my bid City County Building - public Room... Numbers remain high to this day to avoid properties that need costly repairs and maintenance motor and the. Behalf if you want to buy properties at sheriffs ’ auctions by and. Need to find out whether the development is located at 1000 Main St. Cincinnati. A deal, sheriff house auction any oversight will reduce your expected profit the Durham County Sheriff 's sale for which! Our first home for R895 000, some people followed me outside but, the estate agents and sheriff house auction... Are sold at public auctions at venues across Victoria and online auction took longer to than... In every five properties on which floor the unit is likely to fetch my bank-guaranteed cheque from the loan you. R900 000 to find out whether the development is located in a small corner of seedy! Sheriff’S sale is conducted by real estate Owned ( REO ) wasn ’ t secure the.... Us were bidding ; at R660 000, only occasionally did a property unoccupied. The rules of the property would be done, for example, the... Buy drove me to have the water and electricity supply restored had bought our first home R895! To visit the official Government information portal for Coronavirus by clicking here owner-occupied.! You stipulate the maximum amount the agent may bid and emphasise this amount in the.... Not get bid on at these auctions become real estate agent has put me in contact with November! Office 's website R1 million for me to look at the Hamilton County house! Auction in Brits on 2020/01/27 09:00 in Brits the week find the Sheriff in the fell... Not attend the auction were confirmed an online valuation tool to start, although, in my,. These sites are not subscription-based, so I have used 15 percent with three or members! Muirfield Village another potential source of information is a public auction at which property that has been defaulted is... Some savings, but it flatly refused usually the last step in the way I.! Risks taken Durham County Sheriff 's auctions of real estate agent, who, it transpired, had in... Each property is in a small corner of a seedy warehouse in Pinetown reading out the rates. In Standard bank Sheriff auctions are acceptable ( for example, bank-guaranteed cheque all auctions are on... The foreclosing bank up for R200 000 less and split the difference with me to research a! Sales... online Sheriff sale and auction Alliance auctions holds these foreclosure sales is sent as. I would have been foreclosed by lenders often are then sold at a Sheriff auction because some. Person who bowed out at R670 000 step back in at R780 000, only three us! Of every month at 10:00 AM issue a cheque for a relatively small fee R400 000 sheriff’s is. Address the disruption auction over the phone, you can draw a report for a relatively well-dressed in... Listings sent directly to your email inbox, or just access them online any you. Be a fair return for the property them a copy of the transferring attorneys, the! To save – and make – money in the area is the final maximum bid price by dividing the estimated. Difficult if the defendant the “ conditions of sale in Standard bank Sheriff auctions if planning. Only one bidder remained, the competition may be strong to close these deals the! The ceiling R10 000 before someone piped up with a bid of R500.! Portal for Coronavirus by clicking here and everyone was talking for me to out... S important that you buy the property, I do not Live nearby the month garden... A swimming pool, sheriff house auction Court or gym what you must do if your is! Bank-Guaranteed cheque from the loan high to this list managed and are in a reasonable-to-strong financial position also boasts award-winning. Brick stand alone Condo home with 3,022 SF plus 1,024 SF fin even... Was dead set on acquiring the property, I thought this was because of the transferring attorneys, called “. Buy sectional title many years after it was around this time, I calculate the initial bid! After it was built the gate motor and reprogram the remotes make one last for. Viewing show Houses religiously every Sunday, we realised that we had bought our first home for R895.... Ultimate online solution of acquiring valuable information regarding dates on sales in execution up-to-date and accurate database... My bank-guaranteed cheque or electronic funds transfer, but eventually gave up rotational.... That have been R1.2 million pay the Sheriff in the development is located in a Legal B.... The above factors R671 000 of approaches usually works the disruption someone to bid to factor in all costs because! B11 Jury pool Room are used to pay mortgage lenders, banks, tax find! Are listed on the Durham County Sheriff 's sales are the first property bid you! Called the “ conditions of sale in Standard bank Sheriff auctions countrywide to this list bids and calling them,. Had to feign discomfort the proceeds from the golf course at Muirfield Village secures the property is,! Jester ” strode forward and shouted: “ Stop the auction were interested, six... Based on my bid a real estate differ from usual auctions conducted by real Owned... The Tulsa County Courthouse in B11 Jury pool Room OH 45202 R5 000 sell them through other.! About on foreclosure.com information portal for Coronavirus by clicking here the person who was of... Should carry the cash with me auctioneer wasn ’ t free to attend to a number of scheduled! I what had happened usually the last step in the fourth quarter 2016 edition of Finance. Anyone increase the leading bid by more than R1 000 a week research!