Can a pre-approved loan take the place of the down payment?
No, you must pay the required down payment the day of sale with cash or check, according to state law.
Can I go through the property?
No, the property is owned by the defendant until the sale has been confirmed by the court and the deed is transferred. The buyer purchases any foreclosed property caveat emptor, which means "let the buyer beware" or that you are buying the property sight unseen. Remember deposits are not refundable.
Can I go into the property?
If it is unoccupied, you may enter the property once the court has confirmed the sale, you have paid for the property in full and the deed has been recorded. This may two to eight weeks. Until that time, you may not enter the property, change locks, have occupants removed, mow the yard, etc...
What happens if the property is occupied?
After the confirmation has been filed, you have paid in full and the deed has been recorded, you may contact the occupants and advise them they need to vacate the premises. If they refuse, then the buyer needs to file a writ of possession with the Knox County Clerk of Courts and in turn the Sheriff's Office will serve the occupants with an order to vacate. If they still refuse to vacate, the buyer then needs to contact a moving company and a locksmith and the moving company will move the occupants at the buyers expense. The Sheriff's Office will stand by, at the residence, while the occupants are moved out if this occurs.
How can my mortgage company appraise the property for my loan?
The Sheriff's Office does not have the authority to order the defendant to let anyone inside. The mortgage companies in this area should be aware of the problems trying to appraise without going inside the property. The buyer must contact the mortgage company to work out those details.
Who schedules the closings?
The Sheriff's Office does not attend closings. It is the responsibility of the purchaser or purchaser's agent to pay the balance due in full when contacted by the Sheriff's Office. The Sheriff's Office will not wait for a closing to be scheduled.
When will I receive my deed?
Once you have paid your balance in full, the Sheriff's Office will record the deed and the recorded deed will be mailed to you.
What are the additional costs of the sale, if any?
There are no additional costs. Your final bid is all you are required to pay. All costs associated with the Sheriff's sale are paid out of the proceeds of the sale including unpaid real estate taxes.
**We strongly urge anyone interested in purchasing real estate through the foreclosure process to ask their attorney for legal advice. This office cannot give legal advice**